By Shikha Singh
The cryptocurrency market has remained vibrant, with Bitcoin (BTC) holding strong above $90,000, briefly testing the $92,000 level.
Anticipation for several key events this week, including Nvidia’s Q3 earnings report on Wednesday, U.S. existing home sales data on Thursday, and the Michigan Consumer Sentiment report on Friday, sets the stage for Bitcoin’s rally. Additionally, rumors surrounding the potential resignation of SEC Chairman Gary Gensler are adding to market speculation.
With the market capitalization pushing beyond $3.2 trillion, mid-cap altcoins are driving significant momentum.
Meanwhile, XRP has been making headlines, with its price surging above $1 over the weekend. This represents a more than 20% increase in just 24 hours, driven by heightened market interest and growing speculation around a favorable regulatory environment.
XRP futures are seeing record open interest, with over 2 billion tokens (worth nearly $2 billion) in active positions, indicating that traders are betting on continued price volatility. Positive sentiment regarding Ripple’s ongoing legal battle with the SEC and expectations of its upcoming RLUSD stablecoin project, which could further enhance liquidity and drive adoption in cross-border payments, are also contributing to XRP’s recent rally.
Solana (SOL) has also made notable strides, hitting a historic market cap of $116 billion, marking a significant milestone for the blockchain. This increase reflects Solana’s growing adoption as a platform for decentralized applications, thanks to its rapid and cost-effective transaction capabilities.
Overall, the market is bracing for potential volatility, with Bitcoin testing new price thresholds and altcoins like XRP, Solana, and Hedera (HBAR) seeing impressive gains. As traders await more economic data and key developments, the next few days could determine whether the current rally continues or if a pullback is on the horizon.
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