Crypto News Today: Why Is Bitcoin $58K and XRP Up 9%?
Crypto News Today – Today’s crypto market has sparked significant investor optimism, witnessing a resurgence in upward movement. Bitcoin (BTC) briefly touched the $58,000 mark once more, leading a bullish charge alongside top cryptocurrencies like Ethereum (ETH), Solana (SOL), and others, which also saw substantial gains. Notably, XRP surged nearly 9%.
The global crypto market cap experienced a modest 1.10% increase, reaching $2.14 trillion today. However, the market volume dipped by 18.06% from the previous day, settling at $56.45 billion.
Top Crypto Prices Today
Bitcoin Price
BTC resumed its upward trajectory today, driven by continued inflows into Bitcoin ETFs. The flagship cryptocurrency traded at $57,859.88, marking a 1.31% increase from yesterday. BTC’s daily range oscillated between $56,740.53 and $58,532.55, briefly sustaining levels above $58,000.
Soso Value data indicated significant inflows of $190.17 million into BTC ETFs as of July 12, underscoring nearly $1 billion in inflows for Bitcoin exchange-traded products this week alone. Bitcoin’s market cap stood at $1.14 trillion.
Ethereum Price
ETH demonstrated a 1.21% uptick, settling at $3,124.31. Ethereum’s daily low and high were $3,048.51 and $3,157.56, respectively. Notably, Ethereum gas fees hit their lowest levels since May 2024, reflecting reduced network activity amidst anticipation of an ETF launch. Ethereum’s market cap reached $375.91 billion.
Solana Price
Over the last 24 hours, SOL saw a 1.55% increase, reaching $139.23, in line with broader market trends. Solana’s price fluctuated between $134.16 and $140.47 during the day.
XRP Price
XRP exhibited remarkable performance, surging by 9.01% to trade at $0.4982. The Ripple-backed asset’s price range was recorded between $0.4489 and $0.4945. The ongoing XRP lawsuit’s imminent conclusion contributed to this surge, stirring discussions across the market.
DOGE & SHIB Prices
Dogecoin (DOGE) rose by 1.74% to $0.108, while Shiba Inu (SHIB) climbed 3.36% to $0.00001667. Conversely, Pepe coin experienced a 0.34% decline to $0.000008785.
Top Crypto Gainers Today
- Ronin (RON): Increased by 10.50% to $2.15.
- ORDI: Surged by 11.65% to $33.90.
- Bitcoin Cash (BCH): Gained 7.40% to $376.98.
XRP also featured among the top gainers for the day.
Top Crypto Losers Today
- Safe (SAFE): Declined by 5% to $1.42.
- Sei (SEI): Dropped 3.94% to $0.3117.
- Ethereum Name Service (ENS): Slid 2.91% to $25.75.
- Arweave (AR): Fell 2.76% to $23.88.
Analyzing the hourly charts, BTC and ETH saw minor dips of 0.21% and 0.23%, respectively, indicating ongoing market volatility. However, today’s positive performance continues to bolster confidence among crypto investors.
FAQ: Crypto Market Overview
What factors are driving the recent uptick in Bitcoin’s price?
Bitcoin’s recent price surge can be attributed to increased institutional interest, positive regulatory developments, and growing adoption of Bitcoin ETFs, which are attracting significant capital inflows.
Why is Ethereum experiencing reduced gas fees despite market volatility?
Ethereum’s gas fee reduction is primarily due to decreased network congestion as transaction volumes have normalized. This period of lower activity coincides with anticipation surrounding upcoming ETF launches.
How has XRP’s price been impacted by ongoing legal proceedings?
XRP’s price has seen significant volatility as the market reacts to developments in its legal battles. Recent gains reflect optimism surrounding potential settlements and regulatory clarity.
What are the key market trends influencing altcoins like Solana and Shiba Inu?
Altcoins such as Solana and Shiba Inu are benefiting from broader market optimism, improved blockchain functionalities, and strategic partnerships driving investor confidence and adoption.
How significant are the recent inflows into Bitcoin ETFs for the overall market sentiment?
The substantial inflows into Bitcoin ETFs indicate growing investor confidence and institutional interest in Bitcoin as a store of value and hedge against inflation, positively impacting market sentiment.
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