Bitcoin and the overall cryptocurrency market are sharply surging, with Bitcoin on the verge of touching the $100000 milestone following a recent downturn. Such momentum is seen because of some of the developments such as Donald Trump’s re-election and subtle hints at the transformative nature of Elon Musk in the market.
Another great performer has been Ripple’s XRP, up over 200% since November started. This is coming amidst reports that the New York Department of Financial Services is getting close to finalizing approvals for Ripple’s new stablecoin, RLUSD. RLUSD would then be right in the neck and neck of Tether’s USDT; currently, it’s one of the market leaders. Ripple has seen its market cap boom to $108 billion as XRP stands as the fifth-largest cryptocurrency.
Industry experts believe the win of Trump will be the catalyst for regulatory clarity. Ed Hindi, Tyr Capital CIO, is predicting that Bitcoin may reach $250,000 by 2025 because of the increased institutional participation. The pro-crypto stance of Trump, including the plan for a Bitcoin strategic reserve, has buoyed market optimism.
The rally is extending beyond Bitcoin and XRP, as Stellar Lumens surged 58% this week on the back of positive filings from Grayscale Investments, while Solana also achieved new records, as 54 million transactions happen every day, pointing towards growing utility in the blockchain space.
Trading activity has picked up significantly, with Bitcoin’s trading volumes hitting $5.6 billion, even though ETFs saw outflows earlier this week. Analysts are optimistic, pointing to the “Thanksgiving anomaly”—a pattern where prices dip before bouncing back after the holiday—as a potential trigger for Bitcoin to finally cross the $100,000 mark.
Now that the crypto markets are drifting more deeply into profits, things such as Ripple’s stability-coin being approved along with MicroStrategy buying further Bitcoins can bring more prophecies to market emotions. The markets are good and ready for a fun finish to 2024 for digital assets.
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