Whoo boy. Another big day for the crypto market. In the past 24 hours, Bitcoin and Ethereum increased by 4.7%, ending several days of stagnancy, and XRP is up by 1%, putting an end to yesterday’s swift price crash yesterday.
XRP, which increased by 1% to $0.51, deserves special attention. On Friday, the Flare Network took a snapshot of the XRP blockchain to determine whom it shall credit with free Spark tokens in an upcoming airdrop.
It appears that traders dumped huge holdings of XRP hours after the airdrop, causing the price to sink like a stone. But it also appears like the market has dealt with the crash. After denial, anger, bargaining and depression, traders finally accepted the blow and pumped the price back up.
So, why did the crypto market bounce back into action after a week of stagnation? Bleh! Who knows? But it could have something to do with the influx of institutional investors.
MicroStrategy, a US business intelligence firm, this week announced that it has raised $650 million to fund its Bitcoin investments. MicroStrategy has already bought $500 million of the coin. It began purchasing Bitcoin this summer.
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