Time To Buy? Bitcoin, Ethereum, Ready To Surge On Renewed Trade Hopes And ECB’s Quantitative Easing

Bitcoin Dominance Surges Above 70% As Trade Tensions Mount, Does This Spell Doom For ETH and XRP?
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It’s flashing green for bitcoin today as investors cling to a glimmer of hope that the US-China war might be coming to an end and as the markets react positively to the stimulus delivered by the European Central Bank (ECB) on Thursday.

US President Donald Trump said yesterday that he would like to strike a comprehensive agreement with China in an effort to end the more-than-year-long tariffs war. However, he is open to an interim deal with China.

The European Central Bank (ECB) on Thursday announced that it would cut its interest rates by 10 basis points (from -0.4 to -0.5) and also introduce a new round of quantitative easing in a bid to help Europe’s economy recover after suffering losses due to the on-going no-deal Brexit debacle and the US-Sino trade wars.

Bitcoin is Trading Above $10,300

Bitcoin broke bullish yesterday, gaining more than $360 from $10,056. Over a 24-hr period, BTC surged by 3.6%. 

Today, BTC is trading at $10,307.24 after gaining 1.9% on the day. On the weekly chart, however, BTC is down by 2.6%. However, the top coin’s dominance is back above 70%, presently at 70.3%. 

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While the decision by the European Central bank saw the Euro plunge below $1.10, gold and bitcoin have seen an upswing since the announcement. Observers are saying this is a boon for bitcoin, citing that it’s decentralized hence it can’t be manipulated by anyone to boost growth. Needless to say, this seems like the perfect time to buy the crypto.

Top 2 Altcoins Price Overview

Ethereum (ETH) is trading at $180.10 after 1.0% gains on the day. On the weekly chart, ETH has gained 2.8%. Moreover, the coin has recently climbed to $183 before a slight correction. As long as it holds above the $178 support level, we can expect a continued uptrend above $180 and even continue until the next barrier at $190.

Despite the positive sentiment in the market, XRP hasn’t moved past the $0.25 zone. The coin surged to $0.26 on Sep 8, marking its highest price on a weekly chart. At press time, XRP is recording small gains of 0.2% to trade at $0.253536. The third-largest coin with a $10,933,503,002 market capitalization needs to breach the $0.2550 level if it is to confirm further upsides.

Ethereum Classic (ETC) Records Losses After Hard Fork

ETC successfully underwent its Atlantis hard fork according to a twitter post by ETC Director of Developer Relations, Yaz Khoury. ETC hard fork happened between Sep 12 and Sep 13 at block height 8,772,000 and executed planned upgrades to the blockchain. This hard fork is aimed at improving interoperability with the original Ethereum blockchain.

Nonetheless, ETC is reporting 1.0% losses on the daily scale to trade at $6.24 at press time. 

Biggest Market Movers

Cosmos (ATOM), the 19th largest coin by market up is by 21.74% over a 24-hr period and is noticeably the best performing cryptocurrency. Meanwhile, Chainlink (LINK) the 22nd largest crypto by a market cap of $588.52 million is the largest loser with 3.18% losses as per data from CoinMarketCap.


Disclaimer: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of ZyCrypto. None of the information you read on ZyCrypto.com should be regarded as investment advice. Every investment and trading move involves risk, you should always conduct your own research before making any investment decision.

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