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Top Reasons Why Bitcoin, ETH, XRP, DOGE Prices Are Rising

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The crypto market has witnessed robust gains today, as noted by the significant advancement in themajorcrypto prices. Notably, most of the major cryptos like Bitcoin, Ethereum, Solana, XRP, Dogecoin, and others have rallied today, reflecting the growing interest of traders in digital currencies. So, let’stake alook at the potential reasons that may have bolstered the investors’ confidence today.

Crypto Market Rallies, Here’s Why

A flurry of reason has helped gains in the digital asset sector, sending the crypto prices to new heights after volatile trading over the past few weeks.Notably, with soaring interest in the Ethereum ETF approval,there are other reasons as well thathave sparked optimism among the market participants.

Ethereum ETF Fuels Crypto Market Confidence

The increasing odds of the Spot Ethereum ETF approval by the U.S. SEC have raised market confidence, as evidenced by the soaring price of Ethereum today. Notably, Ethereum (ETH), the world’s second-largest cryptocurrency, surged nearly 20% in the past 24 hours, fueled by growing optimism forthe approval ofa spot Ethereum ETF.

Meanwhile, this bullish momentum follows the U.S. SEC’s push for issuers to update their 19b-4 filings, significantly increasing the chances of ETF approval. Senior Bloomberg analysts now estimate a 75% likelihood of approval, up from 25% earlier.

It’s worth noting that the first decision on the VanEck Spot Ethereum ETF is expected by Thursday, May 23, potentially causing further price volatility. However, with soaring optimism, Ethereum’s price climbed above $3,650 for the first time since April 9.

Notably, this optimism has also positively impacted the broader altcoin market, with significant gains across various digital currencies. Meanwhile, on-chain analytics firm Santiment noted the widespread market cap increase, highlighting the ripple effect of Ethereum’s bullish trend on the entire crypto market.

Also Read: Here’s Why the Ethereum (ETH) Price is Rising Heavily Today

Bullish Predictions

With the soaring Ether ETF approval optimism, several market pundits have provided a bullish outlook for the Ethereum price. For context, QCP Capital has recently said that if the Ethereum ETF receives approval by the U.S. SEC, the ETH price hit $4,000 in the shortterm,and $5,000 in the ongoing year.

Echoing the bullish sentiment,popularcrypto marketanalyst,Miles Deutscher said that Ethereum could rally to $6,400.Evaluating the performance of Bitcoin following the Spot Bitcoin ETF approval in the U.S., he has predicted that if the same momentum follows, Ethereum is likely to hit $6,446 by July end.

Bitcoin & Ethereum price chart comparison post ETF approvalBitcoin & Ethereum price chart comparison post ETF approval
Source: Miles Deutscher

However, QCP Capital, along withseveral other marketwatchersalso warned that if the SEC delays in approving the investment instrument, it could cause heightened volatility in the broader market.

Bitcoin ETF Inflow

The U.S. Spot Bitcoin ETF has continued to gain attention from the global market participantswith its significant inflows.After noting a positive momentum last week, with inflows totaling around $950, this week also started with a bullish note.

According toFarside Investors,the overall inflow into the Spot Bitcoin ETFs was $237.2 million on Monday, May 20.Ark Invest’s ARKB topped the list with a $68.3 million influx, with BlackRock’s IBIT recording $66.4 million in fund flows. Notably, the Grayscale’sexodusalso seems to beabating, with GBTC recording an inflow of $9.3 million.

Crypto Bill Gaining Support

The crypto market rally today couldbe alsodriven by significant regulatory developments in the U.S.The Blockchain Association recently sent a letter to Speaker Johnson and Representative Jeffries, urging legislativesupport for the Financial Innovation and Technology for the 21st Century Act (FIT21Act).

Meanwhile, this proposed act aims to provide a clear regulatory framework, fostering innovation while ensuring consumer protection. The letter, backed by the Crypto Council for Innovation and 60 other entities, highlights the industry’s consensus on the necessity of this legislation.

In addition, influential firms like Andreessen Horowitz, Coinbase,and Circle, along withkey lawmakers, have endorsed the bill. The FIT21 Act seeks to define the jurisdiction of digital assets between the CFTC and SEC, promising safer and more efficient markets. Besides, this regulatory clarityis anticipatedto boostinvestor confidence and drive sustainable growth in thecrypto sector.

Bottom Line

The crypto market has witnessed positive momentum since last week, as the investors seem to have regained confidence in the digital asset space. In addition, the recent cooling of U.S. CPI inflation data has also fueled the investors’ sentiment in the broader financial space, let alone the crypto market.

Meanwhile, with soaring bets towards the Ethereum ETF approval and clarity on the crypto regulations, the traders seem to be shifting their focus towards the cryptos. As of writing, the Bitcoin price surged 6.11% over the last 24 hours and traded at $70,918.95, with its one-day trading volume rising 129.96% to $52.87 billion.

Simultaneously, the Ethereum price rose 17.80% to $3,655.47, and the Solana price jumped 2.32% to $181.68. In addition, the XRP price noted gains of 5.67% to $0.5431, while the leading meme coin, Dogecoin price added 8.40% to $0.1643.

According to CoinGlass data, the Bitcoin Futures Open Interest rose 7.48% to 499.91k BTC or $35.52 billion. Simultaneously, the Ethereum Open Interest advanced 25.95% to $14.65 billion from yesterday.

Also Read: Pro-XRP Lawyer Says SEC Knows Ripple ODL Sales Are Not Investment Contracts

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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Shiba Inu Exec Highlights BONE Perpetual Listing In Canada, Will Price Rally?

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Shiba Inu’s marketing lead Lucie has recently posted on X, revealing a key update for the BONE ShibaSwap token. Dated July 3, the post revealed that one of the leading Canadian exchanges, SuperEX, started BONE perpetual trading.

This mover has echoed optimism for the Shiba Inu ecosystem token throughout the crypto universe. Let’s dig into why

BONE Perpetual Trading Starts

Notably, Shiba Inu’s Lucie reiterated another post from the SuperEX crypto exchange, spotlighting the BONE perpetual listing. According to the original post by the exchange, the BONE/USDT perpetual pair started trading today, July 4, at 03:00 UTC. The underlying asset is BONE ShibaSwap, aka Shibarium’s gas fee token or ShibaSwap’s governance token.

Meanwhile, the leverage offered on the asset is 1-10x in an effort to maximize user appeal. However, the exchange revealed that it might adjust the parameters from time to time, aiming to mitigate market risks.

Nonetheless, the announcement has gained significant traction across the crypto realm as BONE remains poised to witness a substantial influx, given the colossal Canadian crypto landscape. Also, it’s worth noting that the SuperEX crypto exchange’s X handle boasted nearly 350K followers, further underscoring its massive user base.

Notably, previous perpetual listings for numerous tokens, including Coinbase’s perp listing of SHIB, FLOKI, and BONK, have promptly ignited upside price trajectories. Although historical data does not guarantee future performances, broader sentiments remain optimistic.

Even Pepe coin, another hot trend in the crypto town, rallied remarkably with its perpetual listing. BONE, however, awaits such an upside momentum.

Also Read: Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?

BONE & SHIB Market Performance

Despite the commencement of perpetual trading, the BONE price has seen a 1.93% dip in value to $0.4822. Its 24-hour bottoms and tops were $0.4788 and $0.4952, respectively.

This price drop aligns with a broader trend, as the Shiba Inu ecosystem’s SHIB token’s price also noted a 0.89% fall to $0.00001695. Doge Killer LEASH, another SHIB ecosystem token, dipped 2.07% to $334.91, coinciding with this trend.

Crypto market enthusiasts continue to eye the token as the perp listing could bring about a significant shift in price. However, current market sentiments appear to be bearish as the RSI rested around 36, signaling downside pressure on the asset. Further downside momentum could also pave the way for a potential price rebound as the asset makes its way into an oversold territory.

Also Read: Crypto Prices Today July 3: Bitcoin Weakens To $60K, Altcoins Mainly Follow While FLOKI Soars

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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.

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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Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?

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As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.

Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.

Issuers to Address SEC Query On Spot Ethereum ETF

Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.

Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:

“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”

Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?

Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?

Ethereum to Outperform Bitcoin

On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:

“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”

The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.

Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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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Toncoin (TON) v Cardano (ADA): On-chain Data Show Gains

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The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.

Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.

Toncoin Leads Asset Gainers 

Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high. 

TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level. 

Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin. 

Cardano Attracts Growth 

The community dubbed ETH killer jumped 3.5%  to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations. 

Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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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