XRP Surges on ETF Hopes as Bitcoin Stalls at $104K
1.9 Markets Bitcoin stalled at $104,000 after a brief rally, while XRP surged over 3.5% above $2.50 on ETF anticipation. Market sentiment remains cautious, but analysts foresee a potential upward move for altcoins.
Bitcoin's price saw a brief rally after the signing of legislation to reopen the US government, reaching just above $104,000 before losing momentum and retreating to around $103,000. The cryptocurrency has struggled to sustain gains, with its dominance over altcoins dropping to 57.5%. Market sentiment remains cautious, as indicated by a Fear and Greed Index of 25, though analysts suggest a potential upward move due to thin liquidity below current prices and significant short liquidations above $103,700. Meanwhile, XRP outperformed the broader market, rising over 3.5% to surpass $2.50 amid anticipation of the launch of a spot ETF in the US. The filing of Form 8-A12B with the SEC for an XRP ETF on Nasdaq fueled investor optimism, leading to capital rotation into XRP. Other major altcoins posted minor gains, while the global crypto market capitalization rose slightly to $3.49 trillion. Analysts predict that most altcoins could break recent highs before a brief correction, with a broader rally expected toward the end of the month.
