- Several higher lows have characterised this recovery, which may indicate a change in market structure after the previous slump.
- With a 4% gain to $1.40, XRP has outperformed the altcoins with greater market caps.
At Thursday’s press time, the wider cryptocurrency market was stable, with Bitcoin (BTC) and Ethereum (ETH) trading at over $74,500 and $2,350, respectively, and Ripple (XRP) maintaining its value at $1.40.
Bloomberg reports that US and Iranian officials are contemplating extending the two-week ceasefire in order to facilitate improved discussions, which has a positive impact on sentiment. Most altcoins with greater market caps have done better, but XRP has surpassed them all to become the best performer in its group. In a sign that buying interest has returned to U.S. stocks, the S&P 500 index hit new highs this week, rising over $7,000 for the first time.
Simultaneously, the wider cryptocurrency market is showing indications of improvement. Taken as a whole, the changes indicate that risk appetite in the financial markets is on the rise again. It would suggest that the cryptocurrency market is also moving in a similar direction. According to statistics from CMC, total market capitalization has recovered from its recent lows of $1.9 trillion to over $2.53 trillion.
Near-term Selling Pressure
Several higher lows have characterised this recovery, which may indicate a change in market structure after the previous slump. But crypto indications reveal less strained situations than stocks. On Tuesday, when Bitcoin soared to $76,000, deposits to crypto exchanges increased. This suggests that the cryptocurrency is encountering “near-term selling pressure” as investors put their coins on sale, according to CryptoQuant.
As the US-Iran peace negotiations progress, the risk-off mentality in the Bitcoin market is starting to fade. Thursday saw the Fear and Greed Index reach 54, indicating neutral stand, according to data from CoinMarketCap. With a 4% gain to $1.40, XRP has outperformed the altcoins with greater market caps. HYPE and ADA have shown more remarkable growth from the top 20 altcoins, while SOL and DOGE follow suit from the top 10.
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