XRP Hits $0.57 After Grayscale Ripple Trust Launches, BTC Shaky at $58,000 (Market Watch)

Bitcoin’s price rally that began earlier this week stalled over the past 24 hours, with the asset settling around $58,000.

Several altcoins have produced minor gains over the past day, including Solana, Chainlink, and Avalanche.

BTC calms at $58,000

A lot can change in the cryptocurrency markets in a week, and the past seven days proved that narrative once again, this time in the upward direction. Remember that BTC fell sharply last Friday to below $53,000 to mark a monthly low. However, the bulls intercepted the move and did not allow further drops.

The asset regained some ground over the weekend, but went on the offensive strongly on Monday. In fact, it added more than four thousand in 24 hours and topped $58,000.

It initially failed to conquer that level and the volatility that followed on Wednesday, after the release of the CPI numbers, pushed it hard south to $55,600. However, it recovered all losses almost immediately and even rose to $58,500 yesterday to hit a weekly high.

It has lost some traction since then and now sits around $58,000. Its market cap has shrunk to just under $1.15 trillion, while its hold on the highs is just shy of 54%.

Bitcoin/Price/Chart 13.09.2024. Source: TradingView XRP on a Roll

Perhaps the most bullish news on an individual altcoin yesterday came from crypto asset manager Grayscale. The company announced the launch of its latest Trust which will focus on Ripple’s native token. XRP immediately reacted with a price increase that took it from less than $0.54 to more than $0.58. Although it has lost some traction since then, the asset is still up 6% on the day.

SOL, AVAX, LINK, DOGE and TON have also produced impressive gains, while ETH, SHIB and LTC have smaller increases.

In contrast, TRX, BNB and BCH have declined by 1-2%. More losses from the larger-cap highs came from KAS, AAVE, STX and IMX.

The total crypto market capitalization is also down slightly since yesterday, dropping to $2.130 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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