Crypto Rally Continues: Bitcoin and Ethereum Surge, Altcoins Flourish, Ripple Stumbles

Crypto Rally Continues: Bitcoin and Ethereum Surge, Altcoins Flourish, Ripple Stumbles

Crypto News – The upward trajectory of Bitcoin and Ethereum persists amidst a sustained crypto rally, with altcoins also experiencing significant growth thanks to record inflows into spot Bitcoin ETFs. On Wednesday, Bitcoin surged past the $73,500 mark, establishing new all-time highs, while altcoins like TON, RUNE, and AAVE displayed notable gains. However, Ripple‘s price witnessed a 1.3% decline over the last 24 hours.

A broader examination of the market indicates that altcoins are spearheading the gains, with the Total 3 market cap recording a 1.8% increase on Wednesday. Despite this, Bitcoin dominance managed a slight uptick of 0.13% by afternoon, attributed to a 1.72% drop in the dominance of USDT, the largest stablecoin by market capitalization.

Conversely, the dogcoin market appears to be undergoing a consolidation phase, with DOGE, SHIB, and FLOKI experiencing declines of 0.9%, 1.6%, and 0.2% respectively within the 24-hour timeframe. However, Dogwifhat stands out, boasting a 17.8% increase during the same period.

TONcoin (TON) Price Forecast

Analyzing the price action of the TON/USD pair on a 1-hour timeframe reveals a correction from the daily highs of $4.52, with the TON price stabilizing around the $4.22 support level. A breakdown below this support could lead to a deeper correction towards the previous resistance of $3.78, potentially serving as a support zone. Nonetheless, a more probable scenario is a bullish continuation towards the all-time high of $5.29.

Ripple (XRP) Price Analysis

Despite the crypto community celebrating record highs for most altcoins, Ripple continues to disappoint XRP holders. Although there was a recent breakout above the $0.618 resistance level, the price failed to surpass $0.73. Consequently, Ripple’s price prediction remains bearish until a clear breakthrough above this level is observed./im

RUNE, AAVE & BNB Surge Over 10%

Fueled by the prevailing bullish sentiment in crypto markets, numerous L1 and DeFi coins have staged a robust recovery from their bear market lows. Binance Coin (BNB) witnessed a 12% surge on Wednesday, reflecting increased interest in the exchange and L1 coins.

Similarly, AAVE and RUNE experienced growth rates of 12% and 10% respectively, as investor attention shifted towards DeFi coins. Other notable coins displaying similar upticks among the top 100 digital assets include Ronin (RON), Algorand (ALGO), MakerDAO (MKR), and Quant (QNT).