XRP Rallies 50% in Just Five Days, Overtaking Cardano (ADA) and Solana (SOL) in Market Capitalization

XRP took off on a massive 50% price rally over the past five days, moving up a couple of spots in the market cap rankings as a result.

The crypto asset was trading around $0.60 on February 3rd and surged all the way past $0.90 at one point on Tuesday.

The price increase ballooned XRP’s market capitalization to more than $42.26 billion, surpassing the smart contract platforms Cardano (ADA) and Solana (SOL) to reach 6th in the market cap rankings. This places XRP behind Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and USD Coin (USDC).

Crypto analytics firm Santiment notes on Twitter that XRP was outputting the same number of daily active addresses at one point on Monday while trading at $0.82 as it did in early November when it was priced all the way up at $1.18.

Source: Santiment/Twitter

Eleanor Terrett, a journalist at Fox Business Network, has also reported on new developments in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.

The SEC filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.

Terrett reports that people associated with the case think it will stretch into this summer.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/prodigital art


Tagged : / / / / / / /

Crypto Market Cap Regained $2 Trillion With Bitcoin Reaching At $45K

The cryptocurrency market is still red, but it seems to be holding steady for now. In the last 24 hours alone, we’ve seen Bitcoin top $45,000 and then drop back down below $44,000. With the price of Bitcoin continuing to climb, it is no surprise that its market cap has reclaimed $2 trillion.

Cryptocurrencies are beginning to recover after a month-long decline, with some coins seeing significant gains over the past day. The most valuable cryptocurrency by market cap, Bitcoin breached $45,000 for the first time in over 30 days as it gained 5.2%.

Related Reading | Crypto Market Cap Reclaimed $2T: Bitcoin Reached 30-Day High Above $45K

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The cryptocurrency industry breathed a sigh o relief this week following severe sell-offs from January’s tumultuous trading sessions that saw many coins hit historic lows not seen since last year’s bull market crash. On Monday alone, there were five separate crashes across various communities leading up until Tuesday morning, when things finally started recovering.

Bitcoin Could Not Sustain At $45K Level

Honestly, the price could not sustain at these levels and has since retraced below $44,000. Still, the coin is up 2.7% in 24 hours with average volatility that left some $305 million worth liquidated positions during this period – the largest single order took place on OKEx, which valued BTC/USDT position 3.6 million dollars.

It is no surprise that most liquidations are of short positions, and they happen on OKEx and Binance especially. However, there’s also some activity at Bybit too.

Get 110 USDT Futures Bonus for FREE!

Despite the recent upturn in Bitcoin prices, short positions continue to dominate. The aggregated funding rate remained negative, generally seen as a bullish sign. It can lead investors who expect their investments to liquidate these crypto-assets for even greater returns profitably.

Crypto Market Cap Regained $2 Trillion

Bulls in the crypto space have once again proved their might as they reclaim a key milestone of $2 trillion for total market capitalization. This comes on top of recent gains with Bitcoin and some altcoins too.

Crypto Market Cap
Crypto bulls achieved the milestone by reclaiming a $2 trillion market Cap | Source: Crypto Market Cap on Tradingview.com

Today, the top 10 cryptocurrencies are doing well, with AVAX seeing a 6% increase in value over the last 24 hours. Shiba Inu (SHIB) continues to be one of our favorite coins that’s up 17%. MATIC has also seen an 8% rise since yesterday, but other leading altcoins aren’t following suit again.

The day saw a shakeup in the crypto market, with Solana and Poldadot losing about 3%. Ethereum lasted more or less flat throughout, which is also true for Binance coin (BNB). The biggest winner was KDA, which experienced 20% growth, while QNT saw an 8 percent decline in value over time. 

Related Reading | Top Crypto Gainers And Losers Today

The market is becoming more balanced as Bitcoin’s dominance increases.

Bitcoin Correlation With The U.S Stock Market

Bitcoin has been experiencing increased volatility since the beginning of 2022. As a result, many are concerned about its correlation with stock markets, and it is expected that if this trend continues, then Bitcoin’s price could go even higher in SP500 index races. However, the stability within America’s benchmark indices may just push our digital assets further upwards.

The US Federal Reserve has been a significant factor in crypto price movements over this year, with many people expecting them to tighten monetary policy again. The upcoming budget release on Thursday may provide insight into whether or not that occurs. So we’ll be waiting for updates on interest rates hikes and what they mean going forward.

                   Featured image from Pixabay, chart from Tradingview.com


Tagged : / / / / / / / / /

$200 Billion Exits The Market As Bitcoin Plummets To A Multi-Month Low

Bitcoin, the top asset in the industry has noted a sharp fall in prices over the last 24 hours. At press time, the king-coin depreciated by almost over 9.7%. Bitcoin dropped its value by almost $7,000 and was exchanging hands at $38,233.95. This marked an almost six-month low for the coin. This price level is the lowest ever since the first week of August last year. Following Bitcoin’s price action, altcoins followed suit as a majority of them were seen trading in the red at the time of writing.

The global cryptocurrency market cap was at $1.95 trillion after a considerable fall of about 7.7% over the past day. The global crypto cap hadn’t dipped below the $2.11 Trillion mark in over 3 months now. This major plunge in value across the broader cryptocurrency market had caused roughly $200 Billion to leave the market. Ethereum, which is the second-largest cryptocurrency in regards to market capitalisation also registered a tumble of about 8% in the last 24 hours.

Related Reading |TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

What Could Have Potentially Caused This Big Dump

The bears had taken over the market, however, it isn’t safe to assume that the market would continue with a bearish outlook just yet. This could also be a price correction from which Bitcoin and major altcoins might recover over the upcoming trading sessions.

This retracement in Bitcoin’s prices from $43,000 could have happened for a number of reasons. Needless to say, crypto markets are volatile, however, current price movements of the major cryptocurrencies can be tied to a couple of recent developments in the crypto space.

This sudden substantial sell-off in prices could have been caused due to stock market weakness after the US Federal Reserve introduced high-interest rates and tapered the stimulus. The Fed hiking the interest rates in the form of tightening the overall monetary policy has, in turn, affected the unregulated market of cryptocurrencies.

Get 110 USDT Futures Bonus for FREE!

The cryptocurrency industry has also suffered the pangs of other recent regulatory measures. The most recent one is Russia’s blanket ban which has rocked the global cryptocurrency market. Other regulatory measures which have been set in motion to curb the rapid growth of digital asset has also had negative effects on the prices.

Securities and Exchange Commission has signaled at scrutinising cryptocurrency exchanges. Environmental factors have also raised eyebrows of regulatory bodies, European Securities and Markets Authority (ESMA) wishes for the EU to ban the proof-of-work model.

All of the above-cited reasons have sent shock waves across the crypto industry causing the fear index to point at 19, a number that corresponds to “Extreme Fear” in the market.

Related Reading | TA: Ethereum Nosedives, Indicators Show Signs of Larger Downtrend

Bitcoin Price Analysis: Crucial Trading Levels to Watch Out For

Bitcoin was priced at $38,233.95 after the coin nosedived close to 9% at press time. The asset flashed a death cross, which is considered to be extremely bearish in nature. The prices were beneath the 20-SMA line, indicating that sellers were responsible for driving the price momentum in the market.

Source: BTCUSD on TradingView.com

The Relative Strength Index hurtled as it reflected the excessive selling pressure in the market. Currently, Bitcoin’s RSI was hovering beneath the 25-mark which meant that the asset was oversold and undervalued.

The support level for the coin stood at $37,982.40 and a push from the bears could make BTC trade at that aforementioned level. The Average Directional Index was near the 50-mark, implying a strengthening of the current price trend in the market. The resistance price level for the coin was $39,829.16.

Featured image from The Motley Fool, chart from TradingView.com


Tagged : / / / / / / / /

Raoul Pal says ‘reasonable chance’ crypto market cap could 100X by 2030

Former Goldman Sachs hedge fund manager and Real Vision CEO Raoul Pal thinks that the crypto market cap could increase 100X by the end of this decade.

At the time of writing, the total market cap of the global crypto sector stands at $2.2 trillion, and Pal told podcast Bankless Brasil “there’s a reasonable chance” this figure could grow to around $250 trillion if the crypto network adoption models continue on their current trajectory.

Pal drew comparisons between the current benchmarks of other markets and asset classes such as equities, bonds and real estate, noting that they all have a market cap between “$250-$350 trillion.”

“If I look at the total derivatives market, it’s $1 quadrillion. I think there’s a reasonable chance of this being a $250 trillion asset class, which is 100X from here, which would be the largest growth of any asset class in all of history in the shortest period of time.”

“That will pretty much dovetail in with the idea that 3.5 billion people are using it — that’s just extrapolating the growth numbers of the network. So if [there are] 3.5 billion users in 2030, well the market cap’s going to be something like $250 trillion,” he added.

One thing is for certain, it’s not going to get there in a straight line upward.The total crypto market cap has dropped 6.8% over the past 24 hours amid a significant pullback across most major assets. Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) are 7.6%, 9% and 9.1% within that same time frame.

Related: Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike rates

The recent downturn may even be a surprise to Pal, during an interview on Dec. 27, the investor predicted that Bitcoin would have a strong start to 2022 as he believed at the time a period of institutional sell-offs and end of year profit-taking was over.

“It looks like they’re done because the market has been chopping around for the past week, which was the traditional last week of everybody squaring their books,” he said.

In November, Pal predicted that the bull run won’t end in December like the previous cycles of 2015 and 2017, and will instead be extended until around June. Pal cited heavy institutional inflows in Q1 as a major reason behind this.