The crypto market cap is at $2.88 trillion with Bitcoin at $95K and Ethereum nearing $1,850. A pullback has been noted but Bitcoin could reclaim $100K with ETF inflows indicating strong institutional interest. Altcoins like Solana and XRP are gaining momentum, with Solana surging 40% recently. Notably, significant whale movements in Ethereum have also been observed.
Today, the cryptocurrency market sits at a hefty $2.88 trillion, though it faced a slight dip of 0.67% intraday. Bitcoin is currently grappling with the $95,000 resistance mark while Ethereum is inching ever closer to $1,850, showing some signs of performance above the rest. Altcoins like Solana and XRP are showing promise, particularly Solana, which has seen a remarkable 40% rise over the last three weeks.
As the bullish run in cryptocurrencies starts to lose steam, Bitcoin and several major altcoins are feeling the pinch with that intraday pullback. Despite this, the market has enjoyed nearly a 9% uptick over the previous seven days, with Bitcoin itself climbing over 9% too.
Bitcoin’s price predicament seems to put it on track to possibly retest the $90,000 support level after its recent struggles. But if there’s a breakout rally, we could see prices push past that elusive $100,000 mark again. Notably, Bitcoin ETFs saw some hefty inflows recently, with a whopping $442 million coming in just yesterday. This represents five straight days of positive inflows, hinting at growing institutional interest.
Ethereum is getting some attention too, but it needs to clear the $1,850 level to start eyeing that next big milestone around $2,000. If it manages a breakout, it may signal the start of a new altcoin season.
In the altcoin arena, Solana and XRP are currently riding a wave of momentum. If the price holds above the $2.00 mark, we might see a push towards $2.60 in the near future. Over the last three weeks, Solana spiked from $107, marking a rally that exceeds 40%. Continued momentum may see Solana soar towards the $200 threshold if it stays above $150.
In other market movements, significant whale activity has been noted. A whale known as Wallet 0xddb has resumed trading after six years of dormancy. They’ve sold off a sizable chunk – 12,891 ETH for $21.5 million, at an average price of $1,668, while still holding onto around $44.1 million worth of Ethereum.
Additionally, Paradigm has recently transferred 5,500 ETH, valued at about $8.68 million, to Anchorage Digital just about 8 hours ago, likely prepping for trades on either Binance or Coinbase. All of these actions herald some intriguing shifts in the market, especially with Paradigm having sent a total of 96,955 ETH (around $301.5 million) since January this year, averaging $3,109 in price.
