Litecoin

Bitcoin

Show

when

The post <a href="https://coinpedia.org/news/altcoins-like-xrp-will-soon-show-signs-of-life-heres-why/" rel="noopener noreferrer nofollow">Altcoins Like XRP Will Soon Show Signs of Life, Here’s Why</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Currently the spotlight&nbsp; is on the Bitcoin price chart and the current state of the crypto and altcoin markets. Analyst Blockchain Backer said that while ETFs are crucial, but historically, the cryptocurrency market performs well during risk-on periods. While there are various narratives around crypto, such as sound money and block reward halvings, the reality is that the market often follows broader risk-on environments.
<a href="https://www.youtube.com/watch?v=pNOXjw5_OKg" rel="noopener noreferrer nofollow">Observing the altcoin market,</a> he said that it often peaks and rallies alongside traditional indices like the Russell 2000. This trend was clear yesterday when the Russell surged 3.9%, while the NASDAQ fell 2.24%. Smaller and mid-sized stocks outperformed major tech companies like Microsoft, Nvidia, Apple, Google, Amazon, Meta, and Tesla, indicating a broadening market participation.
This development is important according to the analyst. Historically, every major rally in the cryptocurrency market has coincided with similar behavior in the Russell 2000, whether in 2020-2021, 2016-2017, or 2012-2013. This broad market participation has been a precursor to significant upswings in the crypto market.
The recent action in the Russell 2000 is a positive sign, although it’s not a complete breakout yet. The market has been range-bound for months, and this initial movement is encouraging. The focus now is on whether this trend can continue and lead to broader market expansion.
He added that we did see some early signals from altcoins before Bitcoin started its expansion. For instance, XRP and Litecoin began to take off in 2017 before Bitcoin. Using reference points from 2017 and looking at Dogecoin’s history from 2013 to 2017, we see we’re at a critical moment where expansion typically begins.
Currently, there is a broader market participation, which is essential for altcoins like XRP to show signs of life. This broader participation is a positive signal, especially since the Russell is rebounding to its previous highs while crypto prices remain low.

Altcoins Like XRP Will Soon Show Signs of Life, Here’s Why

CoinPedia News

Các bài viết khác được xuất bản trên 12 thg 7, 2024

Ajaib Kripto: Bitcoin Masih Berpotensi Kembali Melemah ke US$54 Ribu

JPMorgan says Bitcoin will make a bullish comeback in August

MOONHOP: The Lucky Rabbit’s Presale You Need This Year! Can it Multiply Your Investments Faster T...

UK Law Commission sees no need for DAO-specific legal entity

SEC vs. Crypto – Two consecutive Victories for Crypto Ecosystem

VeChain (VET) Recovery Saga: Is a Revisit to $0.03 Possible?

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!