Crypto Market Surges: ETH, XRP, and DOGE Lead the Charge
Crypto Market Adds $46 Billion in a Day
Cryptocurrency prices are experiencing a significant surge, with the market gaining nearly 2%. According to CoinMarketCap, the global cryptocurrency market capitalization sits at $3.9 trillion after adding over $46 billion, driven primarily by Ethereum's rally.
Ethereum has broken past the $3,700 mark, rising by 5.74% over the last day. This surge has caused Bitcoin's dominance to decrease, capping off a week that saw Ethereum gain nearly 30%.
XRP continues its upward momentum, rising by 3.79%. XRP bulls are aiming for a potential rally to $4. Solana is holding steady above $182, gaining 3.17%.
Dogecoin and Cardano are keeping pace with Ethereum, posting gains of over 5%. Currently, ADA is trading at $0.8 and DOGE at $0.2. Bitcoin has seen the smallest daily gains among the top ten cryptocurrencies, adding only 0.5%.
While the weekend surge has caught attention, analysts advise caution due to low trading volumes. Daily trading volumes in the crypto market have fallen by 9.71%, settling at $148 billion.
Institutional Interest and Regulatory Clarity Sustain Weekend Surge
Several factors are contributing to the current market rally. Recent legislative developments, including the GENIUS Act signing, provide tailwinds for digital assets. The House of Representatives' passage of the Anti-CBDC Surveillance State Act also bolsters market confidence.
Ethereum is experiencing a short squeeze, with over $500M in leveraged shorts facing liquidation if ETH reaches $3,800. Heavy institutional interest is also driving prices for Ethereum.
Ethereum ETF inflows have hit a daily record high of $717 million, capping off a week that saw nearly $1 billion in inflows. Approval odds for XRP ETFs have increased following the launch of the ProShares Ultra XRP ETF.
Rising speculation of a Federal Reserve rate cut in the coming months is fueling optimism among crypto market traders. Federal Reserve President Mary Daly has advocated for two Fed rate cuts before the end of 2025.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are subject to market risks. Conduct thorough research and consult with a financial advisor before making investment decisions.
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