Top Cryptocurrencies Bitcoin, Ethereum, and XRP Surge Alongside Resurrected Meme Coins PEPE, WIF, FLOKI

Bitcoin continued its upward trajectory, defying increased selling pressure stemming from Mt.Gox transfers, while Ethereum and XRP mirrored Bitcoin’s movements following price surges on Tuesday. The optimism surrounding the potential approval of a Spot Ether ETF by the US SEC propelled Ethereum’s rally. In the meme coin space, PEPE, WIF, and FLOKI experienced significant double-digit surges in the past 24 hours, according to data from CoinGecko.

Bitcoin stood resilient against sell-offs despite reports of Kraken exchange users gearing up to receive Mt.Gox transfers. The leading cryptocurrency maintained levels above crucial support, trading above $63,800 on Tuesday. Ethereum traders eagerly awaited news on the SEC’s decision regarding the Spot Ether ETF, with expectations of a potential surge in Ether’s value.

The high correlation between Ethereum (0.94) and XRP (0.53) with Bitcoin underscored the influence of Bitcoin’s market dynamics on their prices. XRP saw extended gains as Ripple allocated $1 million to support pro-XRP attorney John Deaton in a campaign against Senator Elizabeth Warren.

Meme coins witnessed a robust performance, with a 12% increase in market capitalization, reaching $52.9 billion on Tuesday. The 24-hour trading volume surpassed $9.66 billion, reflecting the frenzied activity in this sector.

In the chart analysis, BONK was highlighted as trading at $0.00002678, with an upward trend since June 23, potentially rallying by 12% to $0.00003006. The Moving Average Convergence Divergence (MACD) indicator signaled positive momentum in BONK’s uptrend, with potential support at $0.00002536.

Market updates included reports of Kraken exchange notifying users of successful receipt of creditor funds from Mt.Gox trustee, and Genesis Trading transferring 600 Bitcoin to Coinbase, amounting to $37.72 million. Vitalik Buterin expressed concerns about investors focusing on projects that attract capital from casinos rather than infrastructure-oriented ventures.

Terra set a deadline for bankruptcy claims filing for Terraform Labs entities, while Cyvers Alerts flagged suspicious transactions in the Lifi protocol. Eric Balchunas highlighted the positive trend in Bitcoin ETFs, indicating sustained inflows of funds.

The cryptocurrency landscape remains dynamic, with developments across various assets shaping market trends and investor sentiment.