Forecast for cryptocurrencies BTC, ETH and XRP for today, May 11, 2021
Bitcoin is trading around the $58,000 mark. Ethereum broke the key resistance level of $4000 and reached the price value of $4150. The XRP exchange rate remained unchanged at the support of $1.54. The total capitalization of the cryptocurrency market was 2.48 trillion Dollars.
Ethereum has risen by more than a thousand dollars in just a week. On May 3, the coin reached $3,000 for the first time, and on Monday, it exceeded $4,000 for the first time in history. The market capitalization of ethereum has exceeded 475 billion, approaching half a trillion Dollars. This is already more than the capitalization of the largest Russian companies-Gazprom and Sberbank, as well as Bank of America, WalMart and Johnson and Johnson. Since the beginning of the year, ethereum has grown by 470%. The growth of the coin is helped by the efforts of developers and the expectations of investors to solve the main technical problems of the blockchain-scaling and transaction fees. However, the transition to Ethereum 2.0 is still many months away, and such a significant growth on some expectations takes on the character of another bubble.
According to Bloomberg, the Swiss financial holding company UBS Group plans to offer wealthy clients access to cryptocurrencies. At the moment, UBS is at the initial stage of studying the issue. One of the possible options is to invest in digital assets through third-party tools. Earlier, the media reported on the plans of Morgan Stanley to open access to investment funds based on bitcoin to clients who manage assets. Later, the American bank did not rule out adding derivatives on the first cryptocurrency to several of its own funds. In February 2021, The Bank of New York announced the addition of a Bitcoin storage service. In March, it became known that the investment bank Goldman Sachs will offer products based on digital gold, and in late April, CoinDesk reported on the plans of JPMorgan Chase holding to launch a bitcoin fund in the summer of 2021.
Signals for trading cryptocurrencies Bitcoin, Ethereum and XRP
The forecast expects a pullback of the Bitcoin price to the supports of 57750, 57500 and 57000 Dollars. Ethereum will decline to the levels of $4100, $4050 and $4000, and XRP - to the levels of $1.52, $1.50 and $1.45.