Currently, the crypto market is experiencing extreme volatility as the Jackson Hole conference is underway in Wyoming USA. This annual conference of the Federal Reserve is expected to lay down the central bank's plan for the next year. Fed chair Jerome Powell's speech at 10:00 AM ET will likely impact the crypto markets and Bitcoin strongly.
According to Michael van de Poppe, the CEO of Eight Global and crypto analyst, Bitcoin must stay above $21K. If it manages to break $21.8K, it might be able to accelerate above $23K. However, even after a brief attempt to overcome $22,000, bitcoin has returned to a similar range between $21,000K and $21,500K. Most altcoins followed suit, except for XRP, ADA, MATIC, ETC, and AAVE, which have registered some gains.
XRP, the native token of the decentralized platform Ripple, has surged by over 3% to a daily high of $0.36.32 and is currently changing hands at $0.35.
With a market cap above $35 billion, XRP is currently the industry's 7th-largest asset. But, it is still down by 91% from its all-time high of $3.92 recorded at the beginning of Jan 2018.
ADA, the native token of the proof-of-stake blockchain platform Cardano, has also tapped a small price gain of over 2.18% in the last 24 hours.
ADA is presently hovering at $0.47 with a market cap of $21B. Following this price spike, the trading volumes have also increased by 83.28%.
MATIC has also surged by 1.59% in the last day. It currently trades at $0.83 with a 24-hour trading volume of $0.3M, up by 18.10%
Ethereum Classic (ETC), the hard fork of Ethereum (ETH), also gained momentum in the last 24 hours by adding nearly 1%. It is currently changing hands at $37.32 with a market cap of $7B
AAVE, the native token behind the decentralized finance protocol Aave has surged by over 3.82% and reached a high of $95.47 over the last 24 hours. AAVE is currently worth about $92.84 per token and has a 24-hour trading volume of about $227 million.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)