It’s not been easy for crypto fans lately. After a wild ride that left many investors feeling queasy, the market appears to be shifting gears. Bullish sentiment is back in the driver’s seat, fueled by a 65% surge in Bitcoin’s fear and greed index.
Is the situation finally stabilizing?
Read on to explore the latest market trends and what they might mean for your crypto holdings.
Earlier today, leading stablecoin issuer Tether minted 1 billion USDT on the Tron network, increasing the overall buying pressure. On-chain data shows that long-term crypto holders have accelerated their accumulation pace in the recent past.
For instance, US spot BTC ETFs have registered over $1.5 billion in cash inflows in the past two weeks. On-chain activities for the altcoin industry have significantly surged amid reports of next week’s listing of spot Ether ETFs in the United States.
What’s Up With XRP?
Amid the anticipated settlement between the U.S. SEC and Ripple Labs in the ongoing lawsuit, speculations around XRP price action have drastically increased. According to on-chain data analysis by Santiment, Ripple-backed XRP registered a notable spike in FOMO as its underlying value surged over 20% in the past five days.
As of this report, XRP’s price hovered around 54 cents, with a market dominance of about 1.33%. From a technical standpoint, XRP must regain the 50 and 200 Moving Averages (MA) as support levels to secure a rally towards the next range between 58 and 60 cents.
Litecoin Rides the Wave
The price of Litecoin (LTC) spiked over 20 percent in the past two weeks to trade above $71 on Tuesday. The surge is fueled by heightened whales’ on-chain activity and rising FOMO traders.
Like XRP, Litecoin’s price must close above the weekly 50 and 200 Moving Averages (MAs) to invalidate the bearish sentiment in the past four months.
Also Read: Here’s Why Surpassing $65,000 May be an Uphill Battle for the Bitcoin (BTC) Price Rally
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