A new week starts with a slight decrease in Bitcoin price. According to CoinMarketCap, the asset went down by 1.28% per day. At press time, the leading cryptocurrency is trading at $7,244. All crypto assets from the TOP 10 in terms of capitalization rating have demonstrated negative dynamics. The exception is Vitalik Buterin’s cryptocurrency, Ethereum.
In the meantime, a popular cryptocurrency analyst who goes by the nickname PlanB reminds readers on his Twitter about the imminent approach of BTC halving event.
#Bitcoin halving .. 5 months to go 🚀
For miners: production cost of 1 btc will double
For investors: stock-to-flow (unforgeable scarcity, inability to inflate stock) will double pic.twitter.com/JWNbJyil4a
— PlanB (@100trillionUSD) December 1, 2019
According to the chart provided by PlanB, the BTC price could rise to $100,000 amid the imminent halving 2020.
Note, at the moment, BTC is significantly inferior to some cryptocurrencies in some areas. The third largest cryptocurrency by capitalization rating, XRP, surpasses the “digital gold” in terms of transaction volume in the network.
On December 2, the number of daily transactions in the XRP ledger reached a record 4.52 million, while at the beginning of 2018 this indicator presented 1.70 million transactions performed on XRP Ledger. In turn, transactions performed on BTC network today are at the level of 309,460, a dozen times lower than its competitor.
According to a participant of the crypto community, BTC lacks the ability to compete with XRP in terms of transaction volume.
According to an illustration, Bitcoin takes a large shared of the crypto ecosystem by market capitalization, but most crypto transactions are performed on XRPL.
Image Credit: Twitter.
However, an analyst under the nickname Rhythm notes that about 11.58 million BTC have not been involved in any transaction in over a year.
11,580,00 bitcoin have not moved in over a year.
Even with a 85% increase in price during that time, those millions of bitcoin were not sold or traded.
Hodlers of last resort are insane. pic.twitter.com/KTpeDrLlOO
— Rhythm (@Rhythmtrader) December 1, 2019
However, the low volume transactions performed on BTC network signals that a large number of people keep the BTC as a store of value. Commentators have suggested that the altcoin season awaits the market ahead.
XRP Price Analysis
On November 25, the XRP price reached its lowest level this year ($ 0.2). Then an upward trend arose, as a result of which the asset value reached $ 0.23 and is now at the upper boundary of the downtrend.
For market makers, a zone between $ 0.224 and $ 0.228 was the optimal level for increasing liquidity. This level makes it possible to sell the maximum amount of tokens at a relatively high price.
At press time, XRP trades at $0.2194 against the US Dollar, having lost 0.6% of its previous value.
XRP, the native token of the silicon valley remittance company Ripple, now has solid support around $0.205. If XRP does not drop below the point downwards, we can still expect a push upward to levels around $ 0.252, but a break below this point could send XRP close to $0.15.