- Today, the cryptocurrency market experienced a significant surge, with Bitcoin (BTC) briefly surpassing $58,000 and other major cryptocurrencies like Ethereum (ETH) and Solana (SOL) showing notable gains.
- Additionally, XRP emerged as one of the biggest winners of the day, with a nearly 9% increase in value.
- The global crypto market valuation increased by 1.10% to $2.14 trillion, while the total market volume faced an 18.06% drop to $56.45 billion compared to the previous day.
Explore the latest developments in the crypto market as Bitcoin and XRP take the lead, with strategic insights into the factors driving these movements.
ETF Influence on Bitcoin’s Price Surge
Bitcoin’s resurgence today has been largely driven by ongoing inflows into Bitcoin ETFs. The price of BTC reached $57,859.88, marking a 1.31% increase from the previous day. It traded between $56,740.53 and $58,532.55 during the day. As of July 12, according to Soso Value, Bitcoin ETFs saw inflows totaling $190.17 million. Over almost a week, Bitcoin exchange-traded products amassed nearly $1 billion in inflows. Bitcoin’s market capitalization today stands at $1.14 trillion.
Etherum and Solana Price Movements
Ethereum (ETH) saw a 1.21% price increase today, reaching $3,124.31. The 24-hour low and high were recorded at $3,048.51 and $3,157.56, respectively. The drop in Ethereum network gas fees to the lowest levels since May 2024 suggests reduced network activity and an anticipation of upcoming ETF launches. Ethereum’s market cap today was logged at $375.91 billion. Solana (SOL) rose by 1.55% to $139.23, with daily lows and highs recorded at $134.16 and $140.47.
XRP and Other Cryptocurrencies
XRP’s value soared by 9.01% over the past 24 hours, reaching $0.4982. The lowest and highest prices within this period were $0.4489 and $0.4945, respectively. Dogecoin (DOGE) increased by 1.74%, trading at $0.108, while Shiba Inu (SHIB) saw a 3.36% rise, trading at $0.00001667. Conversely, Pepe coin dropped by 0.34% to $0.000008785.
Top Gainers and Losers in the Crypto Market
Ronin (RON) led gains with a 10.50% increase, reaching $2.15. ORDI followed closely behind with an 11.65% rise, trading at $33.90. Bitcoin Cash (BCH) went up by 7.40%, reaching $376.98. Meanwhile, Safe (SAFE) decreased by 5% to $1.42. Sei (SEI) fell by 3.94%, trading at $0.3117, and Ethereum Name Service (ENS) declined by 2.91% to $25.75. Arweave (AR) dropped 2.76% to $23.88.
Conclusion
Despite minor corrections in Bitcoin and Ethereum, which showed 0.21% and 0.23% hourly declines respectively, the overall crypto market remained in the green, offering optimism to investors. It underscores the importance of meticulously evaluating projects for investment decisions. Stay tuned to our channels for the latest updates and expert insights.
