Altcoin
Here’s What BTC & Altcoins Signal Amid Macroeconomic Heat
The crypto market closes yet another week, primarily facing turbulence due to macroeconomic events. However, Bitcoin (BTC) and altcoins have shown resilience, preventing further downside price momentum in the past seven days. Notably, despite hot U.S. CPI and PPI data, as well as Trump’s new tariffs, crypto prices have shown signs of a potential recovery brewing, sparking investor optimism globally.
Let’s take a closer look at some of the top crypto market updates reported by CoinGape Media over the past week.
Crypto Market Faces Macroeconomic Heat: What’s Happening?
The global cryptocurrency landscape faces severe turbulence this week, primarily against the backdrop of key U.S. macroeconomic data. Notably, the CPI data for January came in hotter than expected this week, at 3% YoY.
Moreover, even the PPI came in hotter than expectations, at 3.5%. In turn, risk assets such as crypto have showcased a sluggish performance over the past week.
Also, Donald Trump’s new tariffs have birthed severe concerns about a global trade war approaching. As a direct response to the abovementioned factors, BTC and altcoins faced massive turbulence over the past seven days. BTC price saw a highly fluxing action, closing in at $97K, up marginally by 0.5% in the past seven days. Simultaneously, ETH gained slightly by 1% over the past week, closing in at the $2.700 level. Crypto traders and investors continue to stay cautious over digital asset prices amid broader macro developments, although coins closed the week trading in the green.
Can BTC & Alts Gain Ahead?
Simultaneously, despite the broader market heat, recent ETF-related developments have sparked market curiosity over an approaching bull run for some leading altcoins. Although BTC remains much-eyed by investors, it’s worth taking into account some other coins that showcase the potential for growth.
Notably, XRP emerged as another hot buzz this week as the U.S. SEC acknowledged Grayscale and 21Sahares’ XRP ETF filing. Further, the optimism surrounding a SOL and DOGE ETF also skyshot amid the SEC’s acknowledgment of crypto-backed ETF filings. In turn, market participants remain highly optimistic about the crypto market’s future prospects.
In conclusion, although the digital asset sector faces severe turbulence this week due to macroeconomic events, traders and investors eye a bullish outlook ahead.
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 analyst Egrag Crypto has provided an ultra-bullish outlook for the XRP price, predicting it could hit a $3.4 trillion market cap. The analyst revealed how this could happen and also boldly asserted that the crypto could hit a trillion market cap in this cycle.
How The XRP Price Will Hit $3.4 Trillion Market Cap
In an X post, Egrag Crypto predicted that the XRP price would hit a $3.4 trillion market cap at some point. The analyst explained this was possible based on a Logarithmic measured move, which puts XRP’s market cap at $3.4 trillion.
Meanwhile, the crypto analyst noted that the non-logarithmic measured move puts the crypto’s market cap at $200 billion. Egrag Crypto further remarked that these logarithmic charts are used for long-term analysis of exponential growth, and linear charts are for short-term precision in trade entries and exits.
Based on XRP’s circulating supply, this means that the XRP price could reach $58 if the crypto hits a $3.4 trillion market cap. Meanwhile, XRP could reach a new all-time high (ATH) of $3.5 as it hits a market cap of $200 billion based on the non-logarithmic measured move.
Interstingly, Egrag Crypto asserted that XRP could hit a trillion market cap in this market cycle. He revealed that the Fibonacci 1.618, often referred to as the golden ratio, is sitting at $978 billion, which makes a $1 trillion market cap achievable.
The analyst further explained that XRP’s market cap skyrocketed 15,000% in the last cycle from just above Fib 1.0 to the top. As such, he is confident that the crypto hitting the Fib 1.618 or a $1 trillion market cap is “super doable.”
Egarg Crypto also suggested that XRP could even surpass the $1 trillion market cap, stating that these calculations don’t account for when utility kicks in. It is worth mentioning that the crypto analyst recently predicted that the XRP price could reach $110 in the next cycle.
What Needs To Happen For Bullish Continuation
The XRP price is rebounding following a crypto market crash yesterday. Egrag Crypto stated for a bullish continuation and to negate the bearish count, XRP needs to close above $2.69 and $2.73 on the 4-hour time frame or even higher time frames to yield even better results.
Crypto analyst Ali Martinez stated that XRP looks to be breaking out of an ascending triangle on the lower time frames, setting it up for a potential 4% move toward $2.68.
Crypto analyst Dark Defender also suggested that the XRP price was ready to continue its upward trend. According to him, XRP is proceeding based on his projected lines. He remarked that after the corrective Wave 2 move, XRP will continue with the 3rd to 5th Waves on the daily chart.
The analyst revealed that the support levels to watch out for are $2.4467 and $1.9996. Meanwhile, the resistance levels to watch out for are $2.6052, $3.3999, $5.8563, and $8.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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.
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.
In a surprising turn of events, Mantra Finance has marked a major milestone by obtaining a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This move enables Mantra to expand its operations to the UAE and MENA region. as a licensed Virtual Asset Exchange. Driven by the significant development, the OM price has seen a notable uptick, with analysts maintaining a bullish outlook on its future growth prospects.
OM Price Targets $15: Bullish Rebound on the Horizon?
Surprisingly, Mantra’s OM token is exhibiting a bullish rebound, surging by nearly 100% in a month. While Bitcoin is still trading below the $100k level, the OM price is eyeing notable gains, with analysts remaining optimistic about its future trajectory.
In a recent X post, market expert Rachel Crypto predicted that the OM price would hit $15 in the near future. While Rachel Crypto asserts that the token is breaking out, many analysts have corroborated her remarks.
Analysts are increasingly bullish on OM’s price prospects. KCM predicts a modest yet promising target of $8.5, while Dexter takes a more optimistic stance, eyeing $10 as the token’s next milestone. However, Jane Bennet offers the most aggressive forecast, envisioning OM reaching a critical juncture at $20.
Mantra Finance Secures VASP License in Dubai
Notably, the OM price’s current uptrend and potential movements are triggered by Mantra Finance’s recent acquisition of the VASP license in Dubai. Reportedly, Mantra obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
Significantly, the license will enhance the platform’s global reach, enabling the launch of innovative financial products. It also facilitates the expansion of Mantra’s Middle Eastern operations, particularly in tokenizing real-world assets (RWAs).
Commenting on the milestone, Mantra CEO Patrick Mullin stated,
By establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for MANTRA and a key step in our journey towards global expansion.
This development follows crypto exchange Bitget’s recent acquisition of the VASP license from Bulgaria’s National Revenue Agency.
Bullish Frenzy: Will OM Join the Crypto Top 10?
As of press time, the OM token is trading at $7.52, up by 1.21%. On a weekly and monthly basis, the OM price has registered significant hikes of 30.5% and 100.5%, respectively. As per OM price prediction, the token has the potential to reach an impressive $10.10 in 2025.
Boasting a market cap of $7.38 billion, OM is ranked 22nd on CoinMarketCap. The current bullish momentum has strengthened analysts’ positive perspectives surrounding the token. Analysts like Bitt Belle maintain that OM is on track to enter the top 10 cryptocurrencies list.
Moreover, the 24-hour trading volume of $382 million, representing a 31% increase, serves as a clear indicator of the escalating investor sentiment. The prevailing upward momentum and growing market activity highlight the OM price’s possible market upswing.
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.
SafeMoon’s 190% Rally Cools as Momentum Fades
Iranians Increasingly Use Crypto to Take Funds Out of the Country
Why The US SEC Hasn’t Paused Its Case Against Ripple
Analyst Predicts XRP Price To Hit $3.4 Trillion Market Cap, Here’s How
The Altcoins Trending Today – February 19
Nigeria Sues Binance for $79.5 Billion in Losses, $2 Billion Tax
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market23 hours agoTether Co-Founder Builds Pi Protocol, A Competing Stablecoin
-
Market22 hours agoIP Price Surges 11%, Market Cap Now Crossing $500 Million
-
Altcoin8 hours agoBinance To Delist DOGS, FET, & These 2 Crypto, What Lies Ahead?
-
Market11 hours agoEthereum Price Eyes Key Breakout—Will Momentum Lead to a Surge?
-
Altcoin11 hours agoVanEck Exec Remains Optimistic On LIBRA Meme Coin Despite Rug Pull Concerns
-
Altcoin3 hours ago
Analyst Predicts XRP Price To Hit $3.4 Trillion Market Cap, Here’s How
-
Market14 hours agoAnalyst Highlights Top Challenges Confronting IBIT Bitcoin ETF
-
Market21 hours agoXRP Price Struggles Amid 53% Drop in Active Wallets
✓ Share: