Altcoin
Hashdex Secures Approval To Launch First XRP ETF In Brazil
In a surprising turn of events, Brazilian Securities and Exchange Commission (CVM) approved the country’s first spot XRP exchange-traded fund (ETF). Reportedly, the SEC authorized the XRP ETF application submitted by asset manager Hashdex, paving the way to launch the first XRP ETF in Brazil.
In addition, the US SEC has acknowledged a fourth XRP ETF application, sparking optimism in the crypto space. Following Grayscale, 21Shares, and Bitwise, the US SEC acknowledged CoinShares’s XRP ETF application.
Brazilian Watchdog Approves Hashdex’s XRP ETF
According to a recent report released by local media Portal do Bitcoin, Brazilian Securities Commission (CVM) approved Hashdex’s spot XRP ETF application. This achievement represents a major breakthrough for Hashdex and Brazil, with the country’s first-ever XRP ETF receiving approval.
Though Hashdex has confirmed the CVM’s XRP ETF approval, the asset manager hasn’t unveiled the product’s official launch date. However, the platform asserted that the key updates would be released soon.
Brazil’s Visionary Approach to XRP and Crypto
Brazil is one of the leading global powers to embrace the crypto industry. Recognizing the industry’s potential, Brazil has taken the initiative to foster its growth. Reportedly, Brazil’s cryptocurrency market saw transactions totaling nearly $90.3 billion between July 2023 and June 2024, cementing its status as Latin America’s second-largest market.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market is on the cusp of a major transformation as the focus shifts from Bitcoin to altcoins. As pointed out by CryptoQuant CEO Ki Young Ju, the growing investor interest in stablecoins signals the beginning of an altcoin season.
Is Altcoin Season About to Begin? Experts Explain
Currently, the crypto market is witnessing a significant resurgence following the recent downfall. While Bitcoin struggles to maintain its momentum, altcoins are seizing the opportunity to strengthen their position in the market.
Despite Bitcoin’s market dominance remaining strong at 60.59%, up 0.43%, the altcoin market is seeing a rally. Commenting on this phenomenon, CryptoQuant CEO Ki Young Ju stated in his X post, “BTC Dominance no longer defines alt season.”
According to Young Ju, the traditional measure of BTC dominance is no longer a reliable indicator of the alt season. Instead, he prefers trading volume as a better metric to identify the altcoin season.
Altcoin Rally: Trading Volume Exceeds Bitcoin’s by 2.7X
In the analysis presented by the CryptoQuant CEO, Young Ju attributed the altcoin rally to the increasing demand for stablecoins. He argued that the altcoin season is underway, driven by unconventional market dynamics rather than the typical rotation from Bitcoin.
Notably, the major driver of the altcoin season is the increasing demand for stablecoins. Stablecoins are cryptocurrencies tied to the value of stable assets, such as traditional fiat currencies.
Driven by the growing popularity of stablecoins, the trading volume of altcoins has surged by 2.7 times more than that of Bitcoin. The market expert stated that this surge in trading volume could be the best indicator of an emerging altcoin season.
However, Young Ju cautioned investors to do adequate research before investing in altcoins, adding that the altseason could be selective.
ETH Outperforms BTC: Is This the Sign of an Imminent Altcoin Season?
Currently, Ethereum, the top altcoin, is showing a better performance than Bitcoin. As of press time, ETH is trading at $2,756, with a weekly surge of 2.05%. Meanwhile, Bitcoin, trading at $98,2025, marks a weekly increase of 1.2%. Analyst Crypto Rover identifies this as Phase 2 of an altcoin season.
At the same time, analyst CryptoGoos signals the beginning of an altcoin rally reflecting on historical data. Taking BTC dominance as a key metric, Crypto Goos posits that BTC’s dominance could dip as indicated by history, paving the way for an altseason.
Is February an Altcoin Month?
Historically, the altseason begins in February. Experts like Merlijn The Trader, believe that “the altcoin super cycle begins in February.” History suggests that February gives rise to an altcoin market surge, triggering a parabolic rise.
In addition, market experts such as Shib Spain and Max Brown have also echoed the sentiment that February will be a breakout month for altcoins. In an X post, Max Brown posited, “Altseason starts in February.”
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Maker (MKR) price has defied the broader crypto market’s recent turbulent action, rallying over 75% in a week. The DeFi cryptocurrency recently witnessed a staggering $156 million token burn, which appears to have fueled a price upswing. As a result, market watchers are highly bullish on the token’s future outlook, although a recent smart whale trade maneuver sparked contrasting speculations.
Maker (MKR) Price Bullish As Supply Takes Hit Amid Massive $156M Burn
According to a series of X posts by the transaction tracker Whale Alert on Feb 20, a staggering $156.77 million MKR was burnt recently, which dealt a massive blow to the token’s circulating supply.
As an upshot, Maker price soared 77%, per the weekly chart, abiding by the law of supply and demand. For context, token burn mechanisms focus on permanently reducing a crypto’s market supply, propelling a bullish impact on price.
Meanwhile, the wallet address ‘0xf65’ was reported to be solely responsible for the massive burn, per Whale Alert data that revealed 8 colossal burn transactions on Feb 20. Market watchers weigh substantial optimism over the asset in light of the supply shredding drastically within such a brief period.
TVL Boosts Market Standing
Simultaneously, another vital factor appears to be driving the leading DeFi token‘s recent growth. As per DeFiLlama data, the TVL on the Maker ecosystem stood at $5.55 billion on Friday. This data further cemented the protocol’s market standing, making it one of the top DeFi projects on the Ethereum blockchain.
MKR Price Rally To Sustain?
As mentioned above, MKR coin’s price has already defied the broader market turmoil, rallying 77% in a week and over 22% in a day. The coin currently rests at $1,445.25, with an intraday low and high of $1,177.44 and $1473.35, respectively. Traders also appear to be positive amid the massive burn, as the coin’s intraday trading volume soared 166% to $257.95 million.
Smart Whale’s Trading Sparks Caution
However, it’s worth mentioning that a smart whale has cashed out all its MKR holdings amid the recent rally. Although this mover underscored a profit-booking motive, market watchers exercise caution as the selloff also indicates a loss of confidence for the asset among experienced traders.
According to SpotonChain data on Feb 21, the address 0x637 (“inveteratus.eth”) sold all his holdings (1,230 MKR) for 1.78 million USDC at an average price of $1,448. This trader boasts a 100% win rate with his previous tradings for the same DeFi token. In turn, the maneuver added a layer of intrigue to the price action ahead despite massive burn transactions spurring a rally.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto prices today (February 21) have sparked mixed investor sentiments as tokens have hovered into both red and green territories. Bitcoin (BTC) price crossed the $98K level on Friday, whereas Ethereum (ETH) traded above the $2,700 level. Simultaneously, Solana traded above the $170 mark, indicating leading coins saw growing market support. However, XRP has lost nearly 2% over the past day and is below the $2.7 level.
Notably, the recently launched Story (IP) token skyshot in value, emerging as the day’s top market gainer. Mentioned below are some of the latest market updates and how the leading crypto prices have been delivering in the past 24 hours.
Crypto Market Today: How Are BTC, ETH, SOL, and XRP Performing?
It’s worth noting that the global crypto market cap was up nearly 1% from yesterday, sitting at $3.23 trillion. Further, the total market volume in the past 24 hours rose by nearly 8% to $90.13 billion. In line with this stat, BTC, ETH, and SOL traded in the green as of press time.
Bitcoin Price Claims $98K
BTC price gained over 1% in the past 24 hours, closing in at $98,220. The flagship crypto’s intraday low and high were $96,805.78 and $98,767.19, respectively. Notably, Bitcoin’s market dominance rose by 0.23% to 60.31% today, indicating that the altcoin sector encountered more volatility.
ETH Price Jumps Marginally
ETH price witnessed a highly turbulent action over the past day and rested at $2,748 as of press time, up 0.2%. The coin’s 24-hour low and high were recorded to be $2,708.22 and $2,770.03, respectively. Notably, Ethereum’s dominance slipped to 10.25% today, per CoinMarketCap data. ETH price faces vital resistance at $2,800, a break above which could propel further gains.
XRP Price Slips
However, XRP price dropped over 2% in the past 24 hours and is currently sitting at $2.65. The Ripple-backed asset hit an intraday bottom and peak of $2.64 and $2.74, respectively. Notably, the odds of an XRP ETF have further risen as Grayscale’s filing enters SEC review mode. Given that the approval is secured ahead, the price could leverage considerable bullish support and pump.
SOL Price Springs
SOL price witnessed a slight uptick of 0.5% intraday and is currently trading at $174.55. The coin hit a low and high of $170.99 and $176.59 in the past 24 hours. The broader market trend appears to prevent the coin from gaining further.
Meme Crypto Prices Today
Meanwhile, Dogecoin (DOGE) price saw a 1.5% decline in value and exchanged hands at $0.253. Similarly, SHIB price dropped 0.5% to $0.00001552.
However, Pepe Coin (PEPE) jumped over 1% intraday, closing in at $0.000009722. Even FLOKI saw a pump of over 3% to $0.00009888.
Top Gainer Crypto Prices Today
Story (IP)
Price: $4.78
24-hour Gains: +68%
The new AI project stole the spotlight with its intellectual property (IP)-focused blockchain and associated IP token launch last week, now emerging as a hot trend with phenomenal price gains.
Sonic (S)
Price: $0.9372
24-hour Gains: 30%
Sonic price rises against the backdrop of strong market technicals and rising investor support, as indicated by a weekly surge of over 75% and rising market cap, now at $2.78 billion.
Maker (MKR)
Price: $1,405
24-hour Gains: +18%
Notably, Maker price soars against the backdrop of massive MKR burns, as per recent Whale Alert data on X.
Top Loser Crypto Prices Today
Bitget Token (BGB)
Price: $4.65
24-hour Loss: -4%
Aptos (APT)
Price: $6.37
24-hour Loss: -3%
Ethereum Classic
Price: $20.91
24-hour Loss: +3%
In conclusion, market watchers continue to extensively eye the crypto prices with uncertainty amid mixed trends. Although a strategic Bitcoin reserve bill is looming in the U.S. and numerous altcoin ETF-related filings have been made, whale accumulations & prices are stagnant. Crypto market analyst Ali Martinez further revealed on X that the recent BTC accumulation trend score signaled whales are either distributing or not accumulating. In turn, an uncertain sentiment continues to brew among traders and investors globally.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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