- In the cryptocurrency market, one coin that cannot be ignored is Bitcoin, because its price movement spills over to the rest of the altcoins.
- Other coins that are on the watchlist this week are Ripple, the asset known for cross-border payment solutions, and Solana.
After experiencing a rally last week, Bitcoin’s (BTC) dominance has slightly increased by 0.62% to 62.91%, and the Bitcoin exchange balance has decreased by 0.06%. A decline in exchange balances typically suggests that investors are moving their assets off centralized platforms and into self-custody or cold storage.
Supporting this sentiment is the Fear and Greed Index, which currently reads 71, placing the market firmly in the “Greed” zone. This metric, which ranges from 0 (extreme fear) to 100 (extreme greed), reflects growing bullish sentiment among market participants. Monday kicks off with the cryptocurrency market keenly observing Bitcoin (BTC), Ripple (XRP), and Solana (SOL).
Bitcoin
Bitcoin currently trades at around $102,463, having dipped slightly by 1.27% in the last 24 hours. Its volume has increased by 90.77%, to $ 65 billion, and as of now, analysts are eyeing the 105,600 resistance level with the expectation that a solid breakout above it would assure the continuation of the trend.
Additionally, BTC is gaining broader acceptance with Strategy, formerly Microstrategy, buying 7,390 BTC at a cost of about $764.9 million at a mean exchange rate of $103,498. Strategy had a year-to-date Bitcoin return of 16.3%, and according to the announcement, the company now possesses 576,230. This just spurred Metaplanet, a Japanese investment firm, to increase its BTC holding to 78,00. At the same time, Analyst Ali Martinez has reported that “BTC ETFs weekly inflows have cooled off from $2.72 billion in late April to roughly $277 million!”
Solana
Solana is also picking up some steam this week. One thing to note is that several asset managers, including Grayscale, Bitwise, Canary, 21Shares, Franklin Templeton, and VanEck, have also submitted applications for spot Solana Exchange Traded Funds (ETFs) to the Securities and Exchange Commission (SEC). Additionally, JPMorgan projected a price target of $500 for SOL by 2026, backed by the growing institutional interest SOL is getting and the potential of ETF approvals.
Currently, Solana is a meme coin juggernaut, but most of them have recorded double-digit losses in the past week. The Trump meme coins TRUMP, BONK, and FARTCOIN are down 11.8%, 19.2%, and 15.0%, respectively. Hopefully, this week will be different, and Solana can bust through the high of $184 we saw last week and hit the $200 level. Its trading volume is up by 125.83%, at $17.17 billion, which indicates heightened market activity.
Ripple
Ripple is making major moves toward the mainstream. As reported by Crypto News Flash, the fourth-largest crypto by market cap, now at $135 billion, is gaining traction with banks, financial institutions, and everyday users. A major milestone in this push is the launch of XRP futures on the CME Group, the world’s largest derivatives exchange. This has sparked fresh optimism, with many in the industry believing it could pave the way for an eventual XRP ETF approval from the SEC.
XRP’s price, however, has seen some pressure lately. It’s currently trading at $2.30, down 9.12% over the past week and 3.40% in the last 24 hours. Analyst Ali Martinez weighed in, noting that if XRP loses its $2.30 support, it could slip back to $2.
