Well, the past week had some exciting developments to offer, at least in certain segments of the market. The broader capitalization barely increased by around $5 billion, currently standing shy of $1.2 trillion. This came on the back of a relatively flat performance of major cryptocurrencies, but some altcoins managed to surprise. Let’s dive in.
It’s been a back-and-forth with Bitcoin this week. The cryptocurrency was trading at around $26,500 this time last week and managed to increase to around $27,500 a few days later. It plunged back below $27K, only to test $27,500 again on Thursday. The bears weren’t having it, though, and made another decisive swing down, putting BTC’s price where it’s currently trading at around $26,800, booking a slight increase of 1.3%.
But that’s where things get more exciting.
Ripple’s XRP increased by around 8% in the past seven days, positioning it as the clear leader within the top 10 cryptocurrencies by means of total market cap. The reasons are probably two-fold. The judge presiding over the case against the US Securities and Exchange Commission (SEC) ruled against the agency’s motion to seal a certain record of former director Bill Hinman. Investors perceived this as bullish for XRP as it might have a positive impact on the outcome of the case. Ripple also entered a deal to acquire Metaco – a Swiss-based crypto custodian, for $250 million.
And then there’s PEPE. The memecoin that’s taken center stage in the cryptocurrency industry is up some 17% in the past week, leading the memecoin sector by a considerable margin. There’s no telling why PEPE is up but as with anything meme-related, it could be any number of reasons. It’s very interesting to see if it will maintain its position, though.
In any case, it remains very interesting to see how the market will shape in the following days and if XRP will continue on its positive trajectory.
Market Cap: $1,169B | 24H Vol: $34B | BTC Dominance: 44.4%
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This week we have a chart analysis of Ethereum, Ripple, Cardano, OP, and PEPE – click here for the complete price analysis.
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