Bitcoin back up over $3,900 heading for $4,000

Cointelegraph analysis

Earlier today, March 9, Adrian Zmudzinski published an analysis of the price movements of bitcoin and the general cryptocurrency market on Cointelegraph. He notes that most of the top 20 cryptocurrencies were reporting slight gains as his article went to press with BTC closing in on the $4,000 level according to Coin360 data. Bitcoin was then up just slightly under one percent on the day at around $3,960 according to data from CoinMarketCap.

On a weekly basis BTC did even better up nearly 3 percent on the week which it started at $3,851. Earlier this week, Twitter and Square Chief Executive Officer (CEO) Jack Dorsey said on a podcast that he was spending $10,000 per week on BTC.

Etherium (ETH)

Etherium is still the second largest cryptocoin by market cap at about $14.4 billion. Ripple (XRP) is a close third at about $13 billion . ETH was down marginally 0.15 percent over the last 24 hours. At press time it was trading around $138. However, over the week ETH or ether has gained by about 2.5 percent from its start at $133.

A recent report by Electric Capital, a crypto asset management company, claimed that ETH had the most developers per month working on its core protocol than any other cryptocurrency.

Ripple (XRP)

Ripple has risen just over one third of a percentage point over the last 24 hours. It is currently trading at $0.314. Over the week, Ripple is down less than half a percent.

Ripple CEO, Brad Garlinghouse, claimed recently that the new cryptocoin being developed by JP Morgan Chase lacked the interoperability to be a significant competitor to XRP.

Total cryptocurrency market cap

Over the week, the value of the total market went from $130 billion at the beginning to about $135 today up nearly ten percent on the week. One of the larger gainers was Nem (XEM) which shot up nearly 10 percent at press time.

Present situation

According to CoinDesk data BTC opened 24 hours ago at $3,854. The low since then has been $3.836 and the high $3,948. CoinDesk bases its numbers on averages from several exchanges so it can differ from measures based on single exchanges. The trading price of BTC at 20:15 Central Standard TIme was $3,918 up $64 dollars from its open or over 1.5 percent. Perhaps a new bullish trend is forming. The present price of BTC can be found here.

Ethereum is up at $136.88 almost 2.5 percent over its open according to CoinDesk data. XRP is also up at $0.3121 or up two percent from its open 24 hours ago.

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