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Will the Strength of Cryptocurrencies Last?

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Bitcoin at $9,700

The top cryptocurrencies (or cryptos) have been on a surge. The overall market cap (capitalization) of all cryptos has increased to $457.7 billion, and the dominance of bitcoin is at 36.1%. Bitcoin rose 5.5% over the last 24 hours and was trading at $9,711 as of 7:00 AM EST. Ethereum rose 10.9% to $797.30, and Ripple increased 5.8% to $0.90. Bitcoin Cash rose marginally by 0.47% and was trading at $1,484.

EOS and Cardano maintained a down day, falling 4.2% and 2.9%, respectively, trading at $17.20 and $0.36, respectively. The other top cryptos, including Litecoin, Stellar, and IOTA, were also trading higher.

The top-performing cryptos (ARKW) (ARKK) for the day were Matrix AI Network, Loom Network, and Zilliqa, which rose 27.1%, 20.6%, and 15.7%, respectively. The worst performers for the day were Mixin, Fusion, and Populous, which fell 8.8%, 7.1%, and 6.2%, respectively.

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Mastercard suffers

The recent fall in Mastercard (MA) stock is most likely due to the negative impact of the falling volume in trades of digital currencies. The cross-border volume growth saw a 19% increase last month compared to 21% in the first quarter. The decline could be due to JPMorgan Chase (JPM) and Bank of America (BAC) banning the use of credit cards for cryptocurrency transactions.

On the other hand, rumors have been circulating since December that Goldman Sachs will soon be launching a bitcoin trading desk. The bank confirmed it two days ago. It has already received interest from hedge funds, endowments, and other institutional investors.

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