After the annual highs achieved last week at US$35,900, BTC continued its slightly downward movement over the weekend.
Bitcoin It relaxes at the beginning of the week and falls 0.2%, falling below US$35,000. While Ethereum (ETH) It also yields moderately and is around US$1,870. Among altcoins, the strong rise of Ripple (XRP) above 10%.
After the annual highs achieved last week at US$35,900, BTC continued its movement over the weekend slightly down after facing strong selling pressure following the latest US employment report, which supported the narrative that the Federal Reserve (Fed) will not raise interest rates further for the remainder of the year.
Some experts claim that this bullish rally moderation is nothing more than a price consolidation around US$35,000 in the case of bitcoin, while others believe that the market is overbought and the fundamentals are too fragile for such “exaggerated” increases.
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However, the cryptocurrencies alternatives have done better in recent days. In the last 24 hours, XRP rises 10.1% after rising 20% during the last 7 days, while el cardano (ADA) gains 2.5% after rising 16% in the last week. Other altcoins added somewhat smaller gains and Solana (SOL), which reached highs not seen since last August, moderated its rally in recent sessions, although it remains stuck to the $40 Dollars.
Lucas Outumuro, research director at IntoTheBlock, highlights that the outperformance of smaller, riskier tokens is a sign of capital rotation from BTC and ETH after its considerable rises, a behavior typical of investors during the cryptocurrency bull markets.
Why Ripple Soars
The price of Ripple It was driven, according to analysts, by two events from a few days ago: the approval received in Georgia and Dubai to operate and offer payment services.
Last Thursday, Ripple reported that the Dubai Financial Services Authority (DFSA) approved XRP under its virtual asset regime, thus allowing companies licensed in the Dubai International Financial Center to incorporate and offer XRP to customers as part of their crypto services.
The same day, Ripple announced that he would start working with the National Bank of Georgia (NBG) in the Lari Digital pilot project (GEL), which will use the company’s central bank digital currency (CBDC) platform. Hong Kong and Taiwan already use the service CBDC, which was launched in May, while Montenegro and Colombia will develop a pilot program with the company.
Source: Ambito
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