Over the past 24 hours, the cryptocurrency market has demonstrated a notable upward momentum, with altcoins leading the charge. XRP, in particular, surged by 12% to reach a price level of $3.36. Ether (ETH) also posted strong gains, climbing 7.3% to $3,935, while Dogecoin (DOGE) advanced by 8.8% to $0.224. In contrast, Bitcoin (BTC) exhibited a more modest increase of just 1.9%, reflecting subdued investor demand and heightened hedging activities. Overall, the total market capitalization of the crypto sector rose by 3% to $3.76 trillion, predominantly driven by the robust performance of altcoins.
Alex Kuptsevich, Chief Market Analyst at FxPro, commented that Bitcoin remains confined within a trading range between $112,000 and $120,000, with price action trapped between key support and resistance levels. He cautioned that despite the rapid ascent of altcoins, Bitcoin’s momentum remains weak and institutional interest appears tepid. Supporting this view, data from Glassnode indicates a decline in ETF inflows related to Bitcoin, alongside reduced network activity, suggesting that investors may be anticipating a future price correction.
Positive trends were also observed in global equities, notably within the Asia-Pacific region, where the index rose by 0.5%. Japan’s Nikkei 225 gained 2.3%, buoyed by easing trade tensions between the United States and Japan. Conversely, oil prices experienced a sharp decline of over 4% this week, influenced by increasing U.S. stockpiles and disappointing Chinese import figures.
In summary, the cryptocurrency market’s upward trajectory has been primarily propelled by the strong performance of altcoins, while Bitcoin remains range-bound amid cautious investor sentiment. The developments over the coming week will be critical in determining whether the altcoin rally sustains its momentum or if Bitcoin reasserts its dominance in the market.
Source: binance
