Once more bitcoin managed to breach the $105k mark while Ripple’s XRP had great cost increases over the week clocking in at 30%. Other factors such as the recent launch of the TRUMP Meme coin also had the potential of capturing great attention.
It is in sync with many people’s expectations regarding Donald Trump’s Presidential campaign where he is expected to make a strong return. Therefore a strong recovery is all but expected within the cryptocurrency sphere over the coming weeks.
Market Overview Of The Crypto Sphere
The approaching inauguration of Donald Trump has witnessed a large spike in demand for cryptocurrency, especially in the Pacific region. Trump’s positive pro-crypto tendencies assisted the sentiment shift that occurred in the market, which subsequently helped with the inflation rate of BTC as well as other currencies.
Over the week e the value of Bitcoin rose by 10%, surpassing the $105k mark. While Ethereum also surpassed expectations by going up by 3%, reaching a value of $3,370. But the greatest shock was Solana which beat all predictions by increasing by 37% and reaching an approximate value of $257.
Australia has also implemented restrictions on cryptocurrency, which is further exacerbating the situation. Anyway, this is not surprising given that Oklahoma is stepping out from the crowd of states that still do not recognize bitcoins claiming on the asset class. Oklahoma is working alongside Wyoming for an introduction of the Bitcoin Reserve Act, which in turn intends to fully integrate with the institutional bitcoin adoption trend.
Ripple gains traction and XRP sets new highs go up above 3 dollars
In the last week XRP has gained momentum ready for an impulsive move with the long awaited 28% spike taking the coin to a new price point of 3.26 USD. This may in large part be due to the optimism that has surrounded trump’s presidency and remarkable execution by ripple.
With the enabling of proshares inverse and leveraged ripple etf’s the hope of having an XRP etf has begun to blossom into an optimistic endeavor which is one of the most talked about news right now.
Further strengthening the plan was ripple co founder Chris Larsen who sold off their 60.54 million dollars worth of XRP. This in light of the ongoing legal tussles with the SEC was viewed with a pinch of salt. Apart from this Ripple whales also relocated over 130 million XRP tokens in what seemed to be a show of confidence in the asset’s future.
TRUMP Meme Coin Gains Popularity
The introduction of the TRUMP meme coin has captured the public’s attention as the coin rose by 3000% in value in just the last 20 hours or so and this increases market capitalization such that it moves closely to Pepe Coin .
The coin has received massive attention from investors because of the current ongoing Trump’s inauguration. Also, there has been an increase in Whale activity on Solana, the platform on which the TRUMP coin is built which raises the hope of its price movement in future in an upward direction.
Let’s have a look at some of the main events that have recently taken place in the crypto world.
