The cryptocurrency market has ignited a surge of optimism, with a nearly 3% jump in the total market cap reaching $2.52 trillion within the past 24 hours. While Bitcoin (BTC) surpassed $65,000, altcoins are poised for a potential rally, with Ethereum (ETH), Ripple’s XRP, and Cardano (ADA) leading the charge.
The recent price surge is accompanied by a significant shift in investor sentiment. Bitcoin’s fear and greed index, which plunged to “extreme fear” last week at 25%, has skyrocketed to 69%, firmly in “greed” territory. This shift reflects a renewed sense of confidence in the market.
Mt. Gox Repayments and Spot ETF Approval Fuel the Fire
Several factors are attributed to the current crypto market upswing. ChainAffairs highlights the ongoing Mt. Gox creditor repayments as a potential “buy-the-news” event, with roughly 65% of creditors already reimbursed through the Kraken exchange.
Furthermore, the recent preliminary approval for three spot Ether ETFs by the US SEC, scheduled to begin trading next week, has fueled speculation for similar altcoin adoption. This follows the rising demand for spot Bitcoin ETFs and nearly $2 billion in cash inflows witnessed over the last two weeks.
XRP Poised for Parabolic Rally?
Ripple’s XRP has emerged as a standout amongst altcoins, recording a staggering 50% rally between July 5th and 17th, currently hovering around $0.605. This large-cap altcoin, boasting a fully diluted valuation of $60 billion and a daily average traded volume of $3.3 billion, is seemingly on the cusp of a parabolic ascent towards its all-time high.
Technical analysis reflects this optimism. XRP’s price has neared the falling logarithmic weekly resistance after the recent price increase. Crypto analyst Captain Faibik predicts a minimum 330% rally for XRP if the current bullish momentum continues in the coming weeks. Notably, XRP investors are placing bets on a favorable outcome in the ongoing lawsuit between Ripple Labs and the US SEC.
Cardano Primed for Second Phase Bull Run
Cardano (ADA) also appears poised for significant gains. After bouncing off the lower boundary of a weekly megaphone pattern, ADA is well-positioned to enter the second phase of its bull run towards its all-time high. Captain Faibik believes ADA’s bull cycle has already begun and anticipates a 200% increase in the mid-term.
Looking Forward: Can the Crypto Market Sustain the Momentum?
The current market surge paints a promising picture for crypto enthusiasts, but whether this momentum can be sustained remains to be seen. Continued positive developments surrounding Mt. Gox repayments, the launch of spot Ether ETFs, and favorable legal outcomes for Ripple could propel the market further. However, close attention should be paid to market sentiment and potential volatility as the situation unfolds.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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