XRP Surges 11% as Bitcoin Exceeds $95,000 in Bullish Market
Major cryptocurrencies experienced significant gains over the past 24 hours, with bitcoin (BTC) surpassing $95,000, recovering from previous losses.
A CoinDesk analysis highlighted increased trading volumes for XRP on South Korean exchanges, indicating potential price volatility. XRP rose by 11%, driven by $1.3 billion in trading on UpBit.
Other major cryptocurrencies also saw growth: Cardano’s ADA, Solana’s SOL, and Chainlink’s LINK increased up to 8%. Ether (ETH) and BNB Chain’s BNB gained 3%, while memecoins dogecoin (DOGE) and shiba inu (SHIB) rose by 5%.
The CoinDesk 20 (CD20), an index tracking major tokens excluding stablecoins, increased by 5.8%.
Optimism for the crypto market is fueled by expectations of a friendlier regulatory environment under incoming U.S. president Donald Trump, who has proposed pro-crypto policies and a strategic bitcoin reserve.
The anticipated Bitcoin halving event in 2024 typically leads to bullish market trends due to reduced supply. The broader crypto market follows a four-year cycle influenced by halvings, with memecoins, AI, and real-world assets expected to lead the market.
Research firms like Galaxy Research predict increasing institutional and corporate adoption of bitcoin, estimating a target of $185,000 for bitcoin and $5,500 for ether (ETH) this year.
QCP Capital echoed these sentiments, suggesting that optimism surrounding crypto-friendly regulations post-Trump inauguration may catalyze institutional asset reallocations in January.
Bitcoin's adoption among institutions is expected to enhance its stability and reduce volatility, according to Augustine Fan from SOFA. He noted BTC's high correlation with the S&P 500 and its declining realized volatility as indicators of its maturation as an asset class.