The cryptocurrency business has resumed its trade today on a positive note, despite the latest CPI numbers being a pain point. Talking about numbers, the total market cap has shot up by 3.10% in the past 24 hours to $3.22 trillion. The trading volume has risen by 22.27% to $129.29 billion, suggesting growing interest among market players. In the meantime, the Fear & Greed Index has now risen to a neutral score of 40.
Bitcoin’s Welcomes Growing Institutional Demand
Bitcoin has held its bullish stance, climbing 1.46% to $96,895.63 in the last 24 hours. With a market cap of $1.92 trillion and a dominance of 59.81%, BTC continues to cement its position as the leading cryptocurrency. A notable development is the declining Bitcoin exchange reserves, which have fallen to 2.5 million. Analysts attribute this to the massive demand from Bitcoin ETFs, which are accumulating BTC supply at a rate 20 times faster than its mining.
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Ethereum Outperforms While Solana Lags
Ethereum has seen a remarkable 4.33% price spike, with its trading volume surging 33.31% to $26.64 billion. On the other hand, Solana has remained relatively stagnant, posting a minor 0.09% loss.
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XRP has gained 2.54% amid speculation that the SEC may soon acknowledge Grayscale’s 19b-4 filing for an XRP ETF. If approved, this could significantly boost XRP’s market valuation, leading to increased investor involvement.
Top Gainers and Losers
Top Gainers:
- CAKE: $3.02 +57.82%
- Sonic: $0.548 +16.87%
- JTO: $3.04 +14.58%
Top Losers:
- BGB: $5.80 -8.07%
- OM: $5.73 -3.24%
- FTT: $2.03 -2.78%
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FAQs
Bitcoin’s exchange reserves have fallen to 2.5 million, possibly due to high ETF demand, accumulating BTC at a rate 20 times faster than its mining.
Bitcoin price currently is at $96,895.63, with a 24-hour change of 1.46%.
If the SEC acknowledges Grayscale’s XRP ETF filing, it could pave the way for broader institutional investment, potentially driving up XRP’s value.
