It’s been a good week or so for cryptocurrency enthusiasts, as you can see in the screengrab below taken from a leading multicurrency wallet app.
Those values are current as of earlier this evening. As you can see, Ethereum is up nearly 11% over the past 7 days, while Ripple (XRP) is up nearly 2% and market leader Bitcoin up about 5.7% over the same time period.
A number of other leading cryptocurrency networks, including Litecoin and ZCash, have also seen an increase in trading activity lately.
What is driving the renewed market optimism? And where are people in the US and Europe mostly acquiring their crypto?
It’s worth noting that gold and silver, often seen as safe havens in times of political or economic uncertainty, have both seen modest upticks in price recently. Could crypto’s rise be a more concentrated version of the same sort of phenomenon; money leaving traditional markets and entering “safe havens” as the standoff between Congressional Democrats and the President appears to be not yet thawing, and as situations around the world lead some investors to think we could be in for turbulent waters. When I say situations, I primarily mean the continued chaos and starvation in Venezuela which could conceivably spread to neighboring countries, and I mean the Yellow Vests in France tearing their country apart.
Many people, in many places, are not happy with the establishment. And although cryptocurrency trading in the West is not dictated only by gloom and doom meltdown preppers, that’s one element of it, because from a technological standpoint crypto has not really slowed down. Nor has institutional interest, with US financial services giant Fidelity planning a March rollout of its Bitcoin custody service for institutional clients, and with Fidelity already publishing some content with its take on the potential importance of cryptocurrency: https://www.fidelity.com/viewpoints/active-investor/beyond-bitcoin
Coinbase and Gemini are two of the most popular ways to trade the leading cryptos. Both services allow you to link a bank account, and fund purchases with withdrawals from that bank account. When you sell a crypto, you can have the proceeds deposited into your same linked bank account.
SUPPORT FULCRUM - OUR MULTICURRENCY WALLET:
Not financial advice. No warranties or guarantees provided. At time of publication, we may hold small quantities of any of the above supported cryptocurrencies in our wallet.