The price of XRP (XRP) has surged in the past week since November 1, gaining 18% and pushing it closer to flipping Binance Coin (BNB) in the market cap rankings.
If this rally continues, XRP could cement itself as the world’s third-largest cryptocurrency (excluding stablecoins), behind Bitcoin and Ethereum.
With XRP’s prospects looking positive, some investors are already looking to alternative tokens positioned for growth – and the new project Bitcoin ETF Token (BTCETF), which just launched its presale, is emerging as an intriguing option.
XRP’s latest rally comes hot on the heels of several positive developments for the XRP ecosystem.
In October, rumours regarding a spot BTC approval sparked renewed interest in the crypto market, which benefited XRP.
Between October 12 and November 6, the XRP price rose 54%, reaching as high as $0.733.
Since then, regulatory approval from Dubai’s authorities, which allows financial institutions to conduct transactions using XRP, has further fueled its bullishness
Gains have also mounted ahead of Ripple’s Swell conference, scheduled for November 8-9.
According to Twitter user WrathofKahneman, rumours are swirling about a potential IPO announcement for Ripple.
Although these rumours are still unconfirmed, the anticipation has contributed to the recent bullish price action for XRP.
Finally, XRP open interest has also risen throughout the first week of November, indicating that investor sentiment is leaning positive.
Given the positive momentum behind XRP lately, many in the crypto community are questioning whether this rally can produce enough momentum to propel the token past Binance Coin into the number three spot (excluding stablecoins).
Currently, XRP sits at number four with a market cap of $36.5 billion, while BNB holds the third position at $37.4 billion.
For XRP to surpass BNB, its price must increase by approximately 6-7% from the current level of around $0.678.
BNB would also need to trade sideways or decrease, which could occur if market sentiment around Binance Coin becomes bearish.
While a situation like that is certainly feasible, given the bullish catalysts surrounding XRP, BNB won’t give up its spot easily.
The Binance ecosystem remains extremely strong, yet the exchange’s spot trading market share has fallen to just 40% this year, according to a report from 0xScope.
This could allow XRP to capitalize on any perceived weakness in BNB’s dominance.
XRP and BNB represent two established crypto assets battling for dominance, but investors are also looking to newer altcoins that could be poised for growth.
One such project is the Bitcoin ETF Token (BTCETF), which just entered its presale phase and has already raised over $37,000.
Bitcoin ETF Token is an innovative new coin looking to capitalize on the anticipation surrounding SEC approval of a spot BTC ETF.
BTCETF seeks to become the go-to asset for traders looking to boost their exposure to this potentially seismic event in the crypto market.
Bitcoin ETF Token’s creators have launched its presale at just $0.005 per token, with strong early demand seeing it raise over $37,000 in the first 24 hours of going live.
With significant supply-reduction mechanisms built in, including token burns and selling taxes, BTCETF has been deliberately structured for long-term value growth.
Per Bitcoin ETF Token’s whitepaper, the project will burn 5% of its total supply each time a target is met related to advancing spot BTC ETF approval.
Additionally, token holders will be able to stake their tokens and could potentially earn yields of 5,215% per year – with over 6.1 million BTCETF staked on the first day of the presale.
Bitcoin ETF Token’s website also acts as an information hub to keep its community updated on the spot BTC ETF approval timeline.
With these ETF approvals potentially ushering in billions in new capital, BTCETF’s current low valuation may attract investors speculating on the crypto market’s future.
Prospective investors can buy BTCETF tokens at btcetftoken.com using ETH, USDT, or a credit/debit card.
Traders are convinced the altseason is either here or just about to explode. After Bitcoin's…
Gate Group has officially announced that its subsidiary, Gate Technology FZE (“Gate Dubai”), has been…
FTX has launched legal action against NFT Stars Ltd. and KUROSEMI INC. (d/b/a Delysium) for…
Stablecoins are rapidly evolving from a niche segment in the crypto world to a key…
Cryptocurrency has a reputation for being a bit too technical, especially for someone who’s never…
Big financial trouble could be coming, and many believe banks already see it coming. Some…
