The cryptocurrency market continues to exhibit mixed trends, with XRP emerging as a standout performer, while Ethereum faces selling pressure and Bitcoin remains range-bound. Here’s a snapshot of the latest market movements:
XRP Hits 2021 Highs
XRP soared to $1.64 on Friday morning, marking its highest level since 2021. However, the coin fell short of closing above $1.60, leaving its historical monthly close record of $2 from December 2017 intact. Optimism around potential SEC-related rate changes could propel XRP to test higher levels later this year, but surpassing its all-time high of $3.3 will require substantial momentum.
Bitcoin Stuck in Narrow Range
Bitcoin traded near $97,000 at the start of Friday, showing minimal movement amidst reduced liquidity due to the U.S. holiday. BTC remains in a tight $92-100K range, with market watchers awaiting a breakout to signal the next medium-term direction. Indicators from CryptoQuant suggest the bullish phase could continue, with a target of $146K in sight.
Ethereum Faces Selling Pressure
Ethereum dipped 3% from its Thursday peak, trading near $3,700. Developer and co-founder Jeffrey Wilke sent 20,000 ETH (~$72.5 million) to Kraken, marking his fourth major sale this year and dampening market sentiment. Meanwhile, ETH/BTC has seen 9.7% growth this week, signaling increased capital flow into altcoins, as noted by QCP Capital.
Market Highlights and Developments
- Stablecoin Milestone: Stablecoins hit a record market capitalisation of $191.5 billion, reflecting their growing importance in global trade and cross-border payments.
- Major Bitcoin Purchase: MARA Holdings acquired 6,474 BTC for ~$618 million, bringing its reserves to 34,794 BTC valued at approximately $3.3 billion.
- Bitcoin-Friendly Cities: Vancouver’s mayor announced plans to integrate BTC into the city’s financial strategy, aiming to position it as a crypto-forward hub.
