XRP Surges, Ethereum Faces Selling Pressure: Market Overview
Hey there! Let’s talk crypto market updates. Overall, the market is on the rise, with a total cap of $3.32 trillion, showing a 0.5% increase in the past 24 hours. While bitcoin is holding steady around $97K, Ethereum saw a 3% drop from its peak on Thursday, and XRP is up by about 9%, hitting highs not seen since 2021.
Bitcoin seems to be stuck between $92-100K, with reduced volatility due to the US holiday. Only a move out of this range will likely shake things up and give us a better idea of where the market is headed in the medium term. On the other hand, XRP made some gains, climbing above $1.64, but still struggling to close the week and month above $1.60, despite reaching almost $2 back in 2017.
In other news, after a correction, some indicators suggest that bitcoin’s bullish phase may continue, with a target of $146K. Ethereum, on the other hand, is outperforming Bitcoin, approaching $3,700. It seems like capital is flowing from BTC to altcoins, with ETH/BTC seeing a 9.7% growth since the week began.
Stablecoins are also making waves, reaching a record $191.5 billion in total capitalization. MARA Holdings, a major mining company, bought a significant amount of BTCs, adding to their already substantial reserves. Meanwhile, Vancouver’s mayor unveiled plans to make the city more “bitcoin-friendly,” and Ethereum co-founder Jeffrey Wilke made a hefty transfer to Kraken, marking his fourth large sale of ether this year.
Exciting times in the world of cryptocurrencies! Stay tuned for more updates.
