Forecast for cryptocurrencies BTC, ETH and XRP for today, May 10, 2021
Bitcoin rose in price to around $58,300. Ethereum reached the level of $3,900, and the price of XRP declined to the support of $1.53. The total capitalization of the digital currency market was $2.43 trillion.
On Sunday, the quotes of the second-largest cryptocurrency by capitalization broke through the level of $3,900 and came close to the landmark mark of 4,000. According to CoinGecko, the exchange rate reached a new historical high of 3990. Bitcoin's dominance decreased to 42.9%, while ethereum's share exceeded 18%. Analysts of the cryptocurrency market have noticed that the volume of Ethereum on exchange wallets has been declining since August 2020, reducing the supply of the asset due to the growing demand of US institutional investors. The trend is expected to continue, and the price of Ethereum will continue to rise. Analysts at Fundstrat predicted the growth of the Ethereum exchange rate to levels above $10,000 in 2021, and experts at the Kraken exchange allowed the cryptocurrency's value to rise to 15,000.
Asset management company VanEck has filed a new application for a traded exchange-traded fund with the U.S. Securities and Exchange Commission. This time, it is proposed to launch the fund on Ethereum. VanEck has already submitted several applications to the SEC to launch cryptocurrency ETFs, but so far none of them have been approved. At the end of last year, the company applied for a third time to launch a bitcoin ETF, but the regulator postponed the decision until June 17. If the application for opening an exchange-traded fund is approved, a significant influx of investment from traders can greatly increase the Ethereum exchange rate. Recently, the head of the SEC was Gary Gensler, who is positive about digital assets. According to forecasts, it can help accelerate the adoption of cryptocurrencies in the United States.
Signals for trading cryptocurrencies Bitcoin, Ethereum and XRP
In the forecast, the price of Bitcoin is expected to decline to the levels of 58,000, 57,500 and 57,000 Dollars. Ethereum will decline to the levels of 3875, 3850 and 3800 Dollars, and XRP - to the price values of 1.52, 1.50 and 1.47 Dollars.