As the crypto sector continues its impressive market run, over the course of the past five days, Ethereum has increasingly maintained its strong market position, even rising above the $250 mark for a few minutes before settling down at $241.50 (at press time).
A couple of days back, it looked as though Ripple was all set to cross Ether in terms of its total market cap for good, but with this latest financial surge, ETH has once again staved XRP off and held onto its ‘coveted second spot’.
In terms of its technical outlook, Ethereum’s six-hour chart is showcasing bullish momentum which could see the premier asset scale up to the $280 price region in the coming few hours.
Largest Brokerage Firm in Brazil to Introduce ETH Trading Pairs
Grupo XP, Brazil’s biggest independent brokerage firm has entered the crypto fray and is all set to launch an exchange for two of the world’s premier digital assets, namely— Ethereum and Bitcoin.
As per a story on Bloomberg, Grupo XP’s latest move is a direct consequence of a growing number of investors showing more and more interest in digital currencies. To be more specific, there are currently more than 3 million Brazilians who have some sort of vested interest in Bitcoin and other digital assets. This number lays in stark contrast to the total number of people who have currently invested in conventional stock options— which is estimated to be around just 600,000 individuals.
Chief of Brazil’s Central Bank is not a Fan of Cryptocurrencies
While Grupo XP has already initiated its plan to launch a crypto exchange in the coming few months, not everyone in Brazil seems to be in favor of this new form of digital money. For starters, Ilan Goldfajn, Chief of Brazil’s Central Bank has time and again compared cryptocurrencies to scams— even likening them to ‘Ponzi schemes’ in a recent interview.
Final Take
The total market capitalization of the digital currency sector has risen by over 10% in the space of the last 24 hours to touch a 15-day high of $224.6 Bln (at press time).
With many analysts claiming that this upward trend is here to stay, it now remains to be seen what the coming few days have in store for this nascent market space. However, if one thing is for sure, it is that there is never a dull day when it comes to cryptocurrencies.
Price Chart Courtesy of Tradingview.com
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