The crypto space has recently been under the effect of the bullish rampage, with the leading player, Bitcoin or BTC, as it is popularly known, leading the rest. The king of the contemporary digital economy has skyrocketed beyond the $69,000 benchmark, steadily hovering at $69,221 at the time of writing. This astonishing accomplishment amounts to a 2. The case fatality rate has surged by 72% in the last 24 hours, and an impressive 2. 90% increase in coronavirus cases within the past week.
The market value of Bitcoin has soared to an all-time high of $1. 36 trillion, making it the most influential in the cryptographic economy. This came when spot Bitcoin ETFs posted inflows, led by BlackRock’s staggering $182M allocation, which depicts the elevated institutional confidence in the digital asset.
But there is more waiting for buyers because even the second most popular cryptocurrency, Ethereum (ETH), has demonstrated rather high growth. At this time, ETH is priced at $3,734. 5, up 0. 82 percent in the last 24 hours and a staggering 18. 98% increase over this past week.
It is now proudly standing with a $448 billion market capitalization. 79 billion suggests increased attention was paid to its potential as a smart contract and decentralized applications platform. This market movement came after the latest information that the Securities and Exchange Commission (SEC) has finally green-lighted Spot Ethereum ETFs.
XRP is the eighth largest coin in market capitalization, and it has mildly grown by 0. an increase of 85% in the last 24 hours, to a current value of $0. 536579. XRP has appreciated by 2. 6% in the past week, and its market capitalization is currently $29. 75 billion. Even though Ripple is stuck in legal troubles with the U.S. Securities and Exchange Commission, XRP remains a key player in the cryptocurrency market.
Another one from the top five by market cap, Solana (SOL), has slightly retraced during the past week; its price has declined by a 3. 56% decrease.
Nevertheless, the cryptocurrency has demonstrated significant movement over the last month alone, reaching a 16. 24% increase. As of now, SOL has a price of $168. 37, and its market capitalization is $75 billion. 69 billion. Solana is a high-performance blockchain development platform that has garnered widespread interest from the developer and investor communities.
Sentiment flies high
In this case, the market players are optimistic, and most investors focus on the long-term and the market’s ability to grow. Blockchain coins such as Bitcoin, Ethereum, and XRP recorded an average sentiment vote of 75 percent, which points to widespread optimism about their future value.
Analyzing the current crypto market situation and looking into the future, it can be stated that the dominating cryptos are keeping their stronghold and, at the same time, are actively contributing to the development of new platforms such as Solana. Bitcoin has come close to the high and, together with Ethereum and XRP, demonstrates an upward trend. Thus, the prospects of the cryptocurrency market are promising.
