Ethereum and Dogecoin Surge as XRP Jumps 12% in Latest Altcoin Rally
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Ethereum and Dogecoin Surge as XRP Jumps 12% in Latest Altcoin Rally

A notable increase in the market sees Ethereum, Dogecoin, and XRP climb significantly amid shifting investor sentiment.

What to know:

  • Global markets demonstrated increased risk appetite with both Asian equities and cryptocurrencies on the rise, although oil saw its largest weekly decrease since June.
  • The MSCI Asia Pacific Index increased by 0.5%, marking its fifth consecutive day of uptick, fueled by a 2.3% surge in Japan’s Nikkei-225 amid eased US-Japan trade tensions.
  • The overall crypto market capitalization climbed by 3%, led by substantial achievements in altcoins, while Bitcoin’s growth remained modest due to softened demand and heightened hedging in the options market.

Insights:

Global risk appetite strengthened on Friday, with cryptocurrencies, equities, and gold futures all experiencing upward momentum, while oil was poised for its steepest weekly drop since June. Traders are navigating between the positive trend of easing U.S.-Japan trade tensions and signs of diminishing Bitcoin demand along with increased hedging in crypto options markets.

In broader Asian markets, the MSCI Asia Pacific Index rose by 0.5%, setting up its fifth straight day of gains. The Nikkei-225 rallied 2.3%. Meanwhile, oil prices are under pressure as U.S. inventories rise and Chinese import data weaken.

The entire crypto market cap rose to $3.76 trillion over the past 24 hours, driven largely by significant altcoin performance. Ethereum gained 7.3% to reach $3,935, while XRP jumped by 12% to settle at $3.36, Solana increased by 4.7%, and Dogecoin climbed 8.8%. Bitcoin, however, increased by a modest 1.9% to $116,781.

Alex Kuptsikevich, FxPro’s chief market analyst, suggested that the rebound correlates with the growing stock market appetite but cautioned that Bitcoin remains “trapped in a narrow range” with support at $112,000 and resistance at $120,000, reflecting recent buying pressures.

As market sentiment shifts to a more subdued tone, Glassnode reported a decline in Bitcoin spot ETF inflows by nearly 25%, alongside a decrease in network activity and transaction fees. This general cooling is also reflected in options trading, suggesting increased hedging for Bitcoin prices below $100,000.

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