Altcoin Price Jump Not Expected Amid New Trading Session
Prices for BTC and many other major cryptocurrencies remained sideways for the most part during the latest trading session. BTC, the biggest crypto in the world, has been vacillating in value in the range from $6,300 and $6,500 during the last 8 sessions. That apparent trend was maintained on Wednesday, where a single BTC was last at $6,467.64, increasing 0.5% from Tuesday on Kraken.
On Tuesday, there was huge news for crypto enthusiasts as Coinbase, the biggest crypto exchange platform in the US, announced its approval and support of the stablecoin USDC from Circle, another crypto giant. On an unrelated note, Coinbase also was granted authorization to become an official custodian of cryptocurrencies in NY.
On the other hand, those who were looking forward to a bump in prices for their cryptos are forced to wait a little longer, as per the founder of Morgan Creek platform, Anthony Pompliano. He further stated that expecting prices for BTC and other major cryptos to increase at this time would be irrational and agreed with Jeff Bezos’ statement that the effort being implemented currently in the crypto market will be seen in a few years, not today.
Statistics for Altcoins
The rest of the cryptocurrencies were primarily consistent as well starting Wednesday. ETH, which is available on the ETH platform, was not disturbed in price as it stayed at $201.30; BCH increased by 0.7% standing at $441.10; LTC increased as well by 0.4% standing at $52.17; finally, XRP decreased by 0.2% now at 46 cents.
BTC futures seem to be gaining momentum from losses on Tuesday, as XBTX8 increased by 0.5% to %6,420, while BTCV8 increased by 0.4% reaching $6,420.