The market value of Ripple XRP exceeded 100 billion, becoming the fourth largest cryptocurrency! Bitwise: BTC hits the 100,000 mark hindered by "two factors"

robot
Abstract generation in progress

The well-established public chain XRP has been gaining momentum recently, with a surge of up to 228% in the past month and a market capitalization exceeding $100 billion, surpassing BNB to become the fourth largest cryptocurrency. However, Bitwise analysts pointed out that it may not be easy for BTC to hit $100,000 in the near future. (Previous summary: Israel and Hezbollah reached a ceasefire protocol! Gold and BTC both fell, is the safe-haven trend over?) (Background: XRPXRP big pump 25%, reaching a three-and-a-half-year high! Which other 'SEC revenge' concept coins can be followed?) After failing to reach the $100,000 target, BTC experienced a pullback, and market funds began to follow altcoins, with cryptocurrencies such as Ethereum and ADA starting to rebound. Among them, the well-established public chain XRP Ripple has performed well this month, reaching $1.71 at the time of writing, with a 24-hour increase of 18% and a surge of 228% in the past month. The market capitalization has exceeded $100 billion, successfully surpassing BNB to become the fourth largest cryptocurrency (excluding stablecoin USDT). XRP has risen to become the fourth largest cryptocurrency. Source: CoinGecko Will regulatory loosening help XRP rise? As we know, compared to Solana and Ethereum, Ripple lags behind in terms of coin price and ecosystem development. At the same time, due to the long-standing lawsuit between the SEC and Ripple, it was once ignored and even regarded as unfavorable by the market. However, with Trump's victory in the US election and his open attitude towards cryptocurrencies, as well as SEC Chairman Gary Gensler's announcement to resign in January next year when Trump takes office, current investors believe that cryptocurrency companies that have been in litigation with the SEC can be liberated. On the other hand, under the friendly regulatory prospects for encryption, many investors and institutions are now seeking cryptocurrency spot ETFs other than BTC and Ethereum, and the currently popular candidate tokens include SOL, DOGE, XRP, etc. Extended reading: XRPSpotETF is coming? Analysts assert that the probability of Bitwise passing the review is almost zero, and the SEC appeals again, XRP big dump 10%. Bitwise warns: The strengthening of the US dollar may affect BTC's push towards the $100,000 mark. In addition, Bitwise analysts also pointed out that another factor that may hinder BTC's rise is the increased possibility of a rate hike by the Bank of Japan on December 19th. According to previous reports, the October CPI data announced by the Japanese Ministry of Internal Affairs and Communications on the 22nd of this month showed that there is still inflationary pressure in Japan, and the exchange rate of the US dollar against the yen has recently fallen. Therefore, the possibility of a rate hike by the Bank of Japan at the interest rate meeting next month will increase. Once Japan raises interest rates again, the arbitrage trades that have caused global capital market turmoil in the past may reappear, and BTC may be affected. Extended reading: Did the collapse of the 300 trillion yen arbitrage trade cause this stock market bloodbath? Daiwa Global: The recent surge of BTC has brought false security to investors. In addition, George Milling-Stanley, Chief Strategy Officer of Daiwa Global Investment Management, recently stated that the surge of BTC this month may have brought false security to investors, because current investors tend to profit from BTC investments before buying, rather than seeing the long-term value of BTC: In simple terms, BTC investment is a seeking of returns, which indicates that investors are rushing in for profit rather than seeing the long-term value or utility of BTC. The BTC ETF options launched last week may be related to this, where people can bet on the fluctuations in coin prices with smaller funds, but they are not actually buying BTC. Related reports: Cardano founder: BTC and DeFi will dominate decentralized finance within three years, ADA surged 190% in a month. BTC remains at $95,000, Ethereum temporarily cools down, five data imply $90,000 may be the BTC stage bottom. Pantera Fund: We bought 2% of BTC globally ten years ago, and now we have achieved a mythical return of 1,130 times. The article 'XRPXRP Market Cap exceeds $100 billion, becoming the fourth largest cryptocurrency! Bitwise: BTC's push towards $100,000 is hindered by 'two factors'' was first published on BlockTempo, the most influential blockchain news media in the dynamic zone.

XRP3.08%
BTC3.49%
BNB1.64%
ETH2.42%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 1
  • Repost
  • Share
Comment
0/400
Santy19vip
· 2024-11-30 01:35
Why buy XRP at this high price if bitcoin hits 100,00 we will go straight to 60,000 don't scam people buddy we have to be real the support is losing strength and bitcoin will fall sharply again
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)