Upward Trend In Cryptocurrencies Continues

Upward Trend In Cryptocurrencies Continues USA Approves Stablecoins, Ukraine signs with Stellar. With the leading cryptocurrency Bitcoin, altcoins have also been on the rise. Positive developments in the crypto money market continue. The other day, the US Currency Control Office freed the use of Stablecoins at their national banks. Thus, it accepted a national Stablecoin in the USA as a means of payment. As expected, the news had a very positive impact on the cryptocurrency markets. Having a positive attitude towards cryptocurrencies, Brian Brooks, head of the US Currency Control Office and former Counsel for Coinbase, stated that the blockchain allows fast transfer. Another positive development was related to Stellar (XLM). Stellar is on the rise after Ukraine's Ministry of Digital Transformation signed a deal with Stellar to help develop digital currency. In the analysis compiled by Investing.com, the rise of the cryptocurrency market has been handled from two different perspectives, namely external and internal factors, in line with the current developments mentioned above.   Internal Factors With the positive developments mentioned above, the rise was triggered and the transactions made outside the popular addresses also increased. The number of transactions increased from 255.000 to 355.000 and above between January 1-5. In addition, the number of unique addresses also increased from 609,000 to 853,000 between the same dates.   External factors While Covid-19, which emerged in December 2019 and increased its impact gradually over the past year, causes the uncertainty in the markets to continue, short-term hopes for the vaccine have left their place to uneasiness. Monetary expansions, especially the US dollar, and the perception of inflation risk caused an increase in demand for Bitcoin, which is currently supported by institutional investors.   ETH price shows positive signals Although the upward movement in cryptocurrencies was initially observed only in BTC due to Bitcoin dominating the market, the ETH price was over a thousand dollars with the investors from Bitcoin transferring funds to Ethereum. Ethereum started a new upward move above the $ 1,020 and $ 1,050 resistance.   Source: Investing