The Crypto Market Is Rapidly Approaching September Highs
The cryptocurrency market has had one of its better weeks of 2018, with many top altcoins leading the market higher.
Currently, the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is up over 10.5% in the past 24 hours. The rally started late in the week, largely driven by two major factors.
First, Ripple’s XRP, which constitutes roughly 11.1% of the ALT100 Index, has surged more than 112% over the past 7 days due to the company hinting that its xRapid product could be released in the coming months and announcement that U.S. regional bank PNC Financial Services Group (PNC) will be joining RippleNet.
The second major factor that drove the market higher this week was the SEC releasing a notice indicating that it would need further comments in order to reach a final decision on the possible listing of the Cboe VanEck/SolidX ETF backed by Bitcoin. The latest deferral indicates that the Commision is taking the review seriously, giving bulls renewed hope of a potential approval in the near future.
The ALT100, which is currently priced at 82.98, has gained significant momentum and is rapidly approaching September highs of 88.75.
Other cryptocurrency categories are up big over the last 24 hours. The AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, is up over 15% while the AltDex Privacy Coin Index (ALTPRV), which tracks tokens focused on privacy or security, is up around 9.4%. The new AltDex Masternode Index (ALTMSN), has gained 8.6%.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.