• Bitcoin steady at $116K as Ethereum, Dogecoin, Solana, and XRP rally strong.
• XRP and Dogecoin ETFs debut in US, unlocking fresh mainstream investor demand.
• Fed rate cut sparks hope for a new crypto rally not seen since the 2021 bull run.

The crypto market woke up to a new monetary landscape after the US Federal Reserve delivered its long-awaited rate cut, lowering borrowing costs by 25 basis points.

Unlike past years when central bank decisions would send digital assets lurching in one direction, Wednesday’s policy pivot sparked a measured response from market heavyweights, even as traders searched for the next big catalyst.

Bitcoin steady, altcoins lead gains

Bitcoin proved its maturity by brushing off early choppiness. The world’s leading crypto hovered just above $116,000 for most of the day, slipping a modest 0.35% in a session marked by tight range-trading and lower-than-average spot volumes.

For seasoned market watchers, the calm felt telling: Wall Street’s risk radar may be shifting, but Bitcoin continues to march to its own beat.

Ethereum took the baton and ran with it. The second-largest cryptocurrency jumped 2.5%, breaking through the $4,600 mark in early trade.

Bulls pointed to optimism that cheaper money will revive DeFi and NFT activity, while a pickup in staking metrics added further tailwind.

Meme coin faithfuls celebrated a minor breakout as Dogecoin surged 5.5%. Blame it on lighter liquidity, or credit it to the social media machine, either way, DOGE’s run was the day’s standout among retail traders.

Solana, meanwhile, snapped back 3.9% to trade near $245, with bullish developer news propelling fresh capital into the ecosystem.

Not to be left out, XRP managed a 1.8% pop, riding a string of solid inflows and a brewing rumor mill over new ETF products.

Investors will be watching closely: if the Fed signals more cuts ahead, the tide for high-beta risk assets could turn decisively, something crypto bulls haven’t had in their favor since 2021.

New XRP, DOGE ETFs shine; LayerZero makes waves

While prices grabbed headlines, the day was just as busy beyond the charts.

For starters, US investors got their first taste of XRP and Dogecoin ETFs, thanks to listings from REX Shares and Osprey Funds.

It’s a landmark moment for altcoin access on mainstream platforms, and early volume figures suggest significant pent-up demand among both retail and institutional players.

Elsewhere, LayerZero, an up-and-comer in the cross-chain arena sealed its $110 million acquisition of Stargate, with overwhelming backing from the Stargate DAO.

The move was widely interpreted as a signal that decentralized finance is firmly in “consolidate and build” mode as competition heats up just below the major protocols.

With macro currents swirling and new products landing on the scene, digital assets are poised for a lively finish to September, one in which both the cautious and the bold can find opportunity.

All eyes are now on the next signals from Washington and Wall Street to see if crypto’s comeback rally truly has legs.

The hard fork token from Bitcoin, known as Bitcoin SV, continues to rise and has crossed $100 for the first time since February 2022.

The price spike, which is noteworthy for having increased by almost 110% in just one week, is mostly attributable to increased trading activity and interest in the South Korean market.

Upbit Spurs Bitcoin SV Surge: Insights

Upbit, the biggest cryptocurrency exchange in South Korea, has been the center of this increased interest in BSV. On New Year’s Day, Upbit registered a significant $275 million in BSV trading activity.

With a total trading volume of $753.5 million, this trading frenzy has driven Bitcoin SV’s market cap to $1.7 billion.

The trend is not exclusive to Upbit, as the trading volume of the token on OKX has also significantly increased, surpassing $47.5 million. In the past 24 hours, BSV’s trading activity has surged by more than 300%.

By trading volume, Bithumb, a significant regional exchange, ranks among the top three as well. Notably, throughout the past 24 hours, Upbit and Bithumb have accounted for around 70% of BSV’s total trading volume.

As of this writing, Coingecko statistics indicates that BSV was trading at $102.87, up 7.3% and 109.1% over the previous day and week, respectively.

BSV seven-day price action. Source: Coingecko

Positive indicators including a bullish Relative Strength Index and a Moving Average Convergence Divergence, together with a trading volume rise of more than 40%, back the surge.

The RSI is moving north while in the overbought area, suggesting a bullish future trajectory for the price of BSV. While the price of Bitcoin SV appears to be accelerating, the MACD is likewise in the green zone, indicating purchasing pressure on the cryptocurrency.

The Bitcoin fork stands out as one of the top cryptocurrency gainers, and although encountering resistance around the $115 level, BSV’s performance follows a wider pattern of erratic moves in the crypto market.

BSV market cap currently at $1.9 billion. Chart: TradingView.com

Bitcoin SV’s Rise Amid Regulatory Moves

In an effort to transform Bitcoin SV into an enterprise-level blockchain and peer-to-peer payment system, proponents highlight the platform’s scalability, reliability, and security. The recent surge in Bitcoin and the likelihood of the SEC approving a spot ETF are driving interest in BSV.

Meanwhile, to counteract illicit behavior, South Korea recently established a regulatory framework for cryptocurrencies. In a significant move toward regulation, the nation mandated on December 28 that public servants register their cryptocurrency holdings. Controlled domains offer security, which may have drawn investors to these developments.

Although there remains resistance in the vicinity of $115, BSV has outperformed the overall market and is now a top gainer. Depending on how investors respond to its distinct value proposition and how the larger crypto scene develops, the market’s trend may continue or slow down. Watch BSV closely as it forges ahead in the dynamic digital asset market.

Featured image from Shutterstock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

XRP, the native token of Ripple, is poised to take part in a $1.2 quadrillion derivatives market following Ripple’s integration into the ranks of the ISDA ushers. 

XRP To Enter The $1.2 Quadrillion Derivatives Market

Earlier in August 2023, Ripple, a crypto payments solution, announced its membership with the International Swaps and Derivatives Association (ISDA). The strategic move came as a pleasant surprise to XRP community members, as it positioned XRP to fully partake in the massive $1.2 quadrillion derivatives market. 

Ripple’s entry into this prestigious club is seen as a significant milestone, allowing the crypto payments company to stand alongside financial giants such as J.P Morgan, Goldman Sachs, and the London Stock Exchange.

Many XRP enthusiasts are looking forward to a bullish outlook for the XRP token. Some have even mulled over the possibility of XRP breaching the $100 threshold. These expectations are fueled by considerations that a successful performance in the derivatives market could serve as a catalyst for significant price movement in the cryptocurrency. 

Presently, the price of XRP has not shown any notable price growth, even with speculation that a Ripple IPO is imminent. Nevertheless, enthusiasts remain vigilant, closely observing the cryptocurrency for any developments that could propel its price upwards. A $100 milestone, if achieved, has the potential to further strengthen the altcoin’s position in the crypto space. 

Prediction Suggests $100 Price Increase

The potential Ripple Initial Public Offering (IPO) and the near resolution of the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), have generated positive sentiment about XRP’s future price. Some analysts have predicted large-scale price increases as high as $5,000 for a single XRP token in the future.

One notable prediction by an X (formerly Twitter) influencer stated the price of the token was poised to reach $100. He used metrics from Bitcoin’s upsurge from $0.01 to $69,000 in 2021 as a basis for his prediction, highlighting the unpredictability of cryptocurrencies skyrocketing. 

There have been other recent price predictions that show XRP projecting to $10. Changelly predicts that the altcoin’s price will breach its previous all-time high by 2027, and expects that the token’s price will rise above $10 by 2030.

The price of XRP, at the time of writing, is trading at $0.595 according to CoinMarketCap. The price value is more than 83% below its all-time high of $3.84 in 2018. 

Price suffer amid crypto market troubles | Source: XRPUSD on Tradingview.com

Featured image from Coingape, chart from Tradingview.com

Bitcoin has come out of the weekend with less than favorable performance but it has not been all bad for the digital asset either. After falling below $20,000, it trended low towards the end of last week. However, the cryptocurrency has been able to hold the $19,000 level despite efforts from the bears to pull it down. This has been due to a number of factors but most importantly is the support that has been forming at this level.

Support At $19,000

After struggling to hold above $19,000 for most of last week, the digital asset had subsequently found its footing above $19,000. This price point is important for bitcoin given that it was where its previous cycle peak had occurred. Although it had actually broken below this point multiple times this year already. However, with the recovery above 19,000 once, the bulls look to have found their spot and the support at this level has been growing.

Related Reading | Leading Crypto Exchanges See Negative Funding Rates, Have The Bears Taken Over?

It is propelled forward by bitcoin investors who are taking this as a cue to buy the digital asset for cheap. Mostly, whales have been the most active during this time even amid the extremely low investor sentiment. These whales who are purchasing their tokens on spot continue to fill their bags.

Data shows that these wallets that hold more than 1,000 BTC on their balances have added 140,000 BTC per month, which has brought their total holdings to 8.69 million BTC. This means that these bitcoin whales now hold 45.6% of the total circulating supply.

BTC continues recovery trend | Source: BTCUSD on TradingView.com

The whales are not the only ones buying up bitcoin. Smaller holders with less than 1 BTC have also ramped up their activities by buying at these prices. They have added to their balances at a rate of 36,750 BTC per month, bringing their total holdings to 1.12 million BTC, or 0.2% of the circulating supply.

Will Bitcoin Continue To Hold?

As of the early hours of Monday, bitcoin had begun another recovery trend that has put the price above $19,300. Although not a significant recovery by any stretch, it has put the digital asset on a green start to the new week.

Related Reading | New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

Nevertheless, the digital asset continues to trade below important technical levels such as the 50-day movie average. Due to this, the chances of bitcoin holding the recovery trend through the rest of the week remain slim as there is not enough demand to offset the coins being dumped by the sellers.

This means that while the price will likely recover above $19,500, there may be another downtrend before the day is over. This will put the mounting support at the $19,000 level to the test. But if bitcoin can continue to hold and the market sees a significant spike in demand, the next major resistance awaits the cryptocurrency at $20,500.

Featured image from FortuneBuilders, chart from TradingView.com

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