The crypto market cap surged nearly 3 percent in the past 24 hours to around $2.52 trillion on Wednesday during the early London session. While Bitcoin’s (BTC) price rallied above $65k, the altcoin industry – led by Ethereum (ETH), Ripple’s XRP, and Cardano (ADA) – signaled an inevitable rally to respective all-time highs ahead.
Furthermore, Bitcoin’s fear and greed index jumped to around 69 percent, indicating greed, up from 25 percent, extreme fear, last week.
Coinpedia reported that the ongoing Mt.Gox crypto repayments have become a buy-the-news event. Moreover, about 65 percent of Mt.Gox creditors have already been repaid through the Kraken exchange.
Earlier this week, the US SEC issued preliminary approval for three spot Ether ETFs to begin trading on Tuesday next week. With the recent rising demand for spot Bitcoin ETFs and nearly $2 billion in cash inflows over the last two weeks, speculation about altcoin adoption has drastically increased.
Ripple Labs-backed XRP has rallied more than 50 percent between July 5 and July 17 to hover around $0.605 at the time of this writing. The large-cap altcoin, with a fully diluted valuation of about $60 billion and a daily average traded volume of around $3.3 billion, is on the verge of a parabolic rally to its all-time high.
From a technical standpoint, the XRP price has approached the falling logarithmic weekly resistance following the recent pump. According to a popular crypto analyst, Captain Faibik, the XRP price will rally at least 330 percent if the bullish momentum continues in the coming weeks.
The XRP buyers are betting on the highly anticipated settlement between Ripple and the US SEC in the ongoing lawsuit,
After rebounding from the lower boundary of a weekly megaphone, Cardano’s (ADA) price is well positioned to enter its second phase of bull run towards its all-time high.
According to Captain Faibik, the ADA price has already begun its bull cycle, and he anticipates a 200 percent rally in the midterm.
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