Ripple has finally gotten the news it was hoping for, while the Federal Reserve kept mum on interest rates.
Unlike last week's rollercoaster ride with prices crashing to multi-month and even year-long lows, this week kicked off with a breezy calmness. Although it was just as eventful, the market had fewer jitters.
The weekend was as dull as dishwater with Bitcoin lounging around $84,000, aside from a brief Sunday evening drama where a whale's short position stirred up some excitement. Then came Tuesday’s first real action when BTC took a nosedive toward $81,000 but quickly bounced back.
Come Wednesday and Thursday, Bitcoin decided to spice things up. The US Federal Reserve kept everyone on their toes by not tweaking key interest rates, which was expected but still stirred the crypto waters a bit.
The big kahuna of news came shortly after – Ripple CEO Brad Garlinghouse announced that their long-standing brawl with the SEC had ended as the regulator tossed out its latest appeal. Bitcoin was quick to celebrate, surging past $87,000 during Thursday's Asian trading session, marking a two-week high. Yet, the joyride was short-lived as it slipped back to $84,000.
So, there you have it – this week’s crypto buzz. Want to stay in the loop with all the market madness? Sign up to get this sizzling recap in your inbox every day, free of charge!
As of now, Bitcoin is chilling at $84,000 with a market cap of $1.650 trillion, holding a 58.5% dominance over altcoins. The weekly performance for BTC is slightly down, while Solana, Cardano, Dogecoin, and Pi took a nosedive. On the flip side, Binance Coin and TRX are on the rise, with TON skyrocketing by 24% after Durov’s passport retrieval.
Market Snapshot: The total market cap is at $2.832 trillion with a 24-hour volume hitting $80 billion. BTC's dominance stands at 58.5%. Current prices? BTC is at $83,850 (-1.11%), ETH at $1,957 (+1.85%), and XRP at $2.37 (+0.7%).
Now, let's dive into some juicy predictions – will Bitcoin tumble to $44,000 or soar to $112,000? Analysts are buzzing with possible scenarios. Ali Martinez predicts either a plunge to $44,000 or a surge beyond $110,000. Exciting times ahead!
And speaking of Ripple, their SEC victory has some folks grinning from ear to ear, especially those XRP whales who stocked up big time in the past two months.
Ripple's CEO is now looking at the bigger picture – pushing for XRP to be part of the US crypto reserves and keeping the IPO option on the table. Meanwhile, the impact of US interest rates on crypto is always a hot topic. Though recent FOMC meetings didn’t tweak rates, they sure have a knack for shaking up Bitcoin's price. But what about the long haul?
Is Bitcoin in a bear market? Industry bigwigs like CryptoQuant’s CEO, Ki Young Ju, think the bull run might be over for now. Another analyst has weighed in, sharing metrics to back up the claim.
In other news, Binance is showing off its transparency chops, maintaining over 100% reserves for 29 straight months, proving they're not about to repeat any FTX-style slip-ups.
Lastly, if you're itching for some chart insights, we've got an analysis of Ethereum, Ripple, Cardano, Toncoin, and Solana. Stay tuned for more updates!
