- Bitcoin approaches $95,000 after a brief dip, maintaining its upward momentum.
- Meanwhile, XRP surged over 8% on news of approved futures ETFs in the U.S., hitting a monthly high.
The cryptocurrency market is making waves this week as both Bitcoin (BTC) and XRP see significant price movements. As Bitcoin pushes closer to the $95,000 mark, XRP has surged following news of approved futures ETFs in the U.S., propelling the token to a monthly high. Meanwhile, Monero (XMR) stole the spotlight with a volatile surge, reaching a four-year peak before correcting heavily.
BTC’s Rally Towards $95K
Bitcoin started the week with a mix of volatility, dropping briefly below $93,000 on Monday before recovering swiftly to near $95,000. The price of Bitcoin has been on a steady upward trajectory, particularly since last week when it broke the $86,000 resistance level, reaching as high as $88,000. After a brief pullback, Bitcoin resumed its rally, crossing $90,000 for the first time in over six weeks. The momentum continued, bringing Bitcoin to a new two-month high near $96,000 on Friday. Although a minor rejection occurred, Bitcoin maintained its strength throughout the weekend, hovering around $94,000.
With Bitcoin’s market capitalization soaring above $1.88 trillion, its dominance in the crypto space has slipped slightly, now at 61%. Despite this, the leading cryptocurrency continues to command attention as it nears the $95,000 threshold.
Also read: Alabama Drops Coinbase Case: Shifting Crypto Regulations Signal New Era of Industry Cooperation
XRP’s Surge and XMR’s Volatility
XRP, the token associated with Ripple, surged by more than 8% in the past 24 hours, breaking through the $2.33 mark for the first time in a month. This increase follows the news of approved futures ETFs in the United States, which has buoyed investor sentiment around the altcoin.
In contrast, Monero (XMR) witnessed an extraordinary price jump of over 40%, reaching a four-year high before experiencing a sharp correction that brought the price back down to below $270. While XRP and XMR dominated the headlines, other large-cap altcoins such as ADA, SOL, and LINK showed modest gains, while ETH, DOGE, and AVAX saw slight losses.
Market Overview
Overall, the cryptocurrency market capitalization has increased by $30 billion overnight, reaching a new high of $3.085 trillion. With Bitcoin nearing $95,000 and XRP gaining traction, the stage is set for continued excitement in the crypto space. As always, investors will be watching closely for the next big move in this fast-paced market.
