XRP and BNB Lead Altcoin Momentum, ETH Faces Sell Pressure: Report
Main Idea
XRP and BNB are leading the altcoin market with significant price surges, while Ethereum faces selling pressure despite recent gains.
Key Points
1. XRP and BNB have surged to new all-time highs, with BNB breaking through $860, a record since 2017, and XRP gaining momentum after regulatory clarity.
2. BNB's price rallied 23% this month, maintaining its upward trend from previous quarters, with a market cap above $110 billion.
3. XRP's growth is attributed to improved regulatory conditions, including the SEC's backing of more crypto use under new leadership.
4. Ethereum has not reached its 2021 highs despite recent upticks, with institutional whales moving large amounts of Ether to centralized exchanges, indicating potential selling pressure.
5. A CryptoQuant report notes altcoins gained steam with over $3.79 trillion in activity, despite a 1.6% decline in the last 24 hours.
Description
The cryptocurrency market recorded an uptick in altcoins this week, leading to several projections of a wider rally.
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