Cryptocurrencies Bitcoin and Ethereum test critical support levels as XRP sees gains
Bitcoin is currently trading below $59,000 as the leading cryptocurrency faces challenges in bouncing back from recent downturns. Ethereum is holding steady around $2,500, while XRP has surged to $0.58, a crucial support level for the digital asset.
The Maker protocol has decided to pause the use of wrapped Bitcoin as collateral after Bitgo announced plans to shift its operations from the US to other regions.
In the realm of Bitcoin, the current price stands at $58,414. Despite attempts to surpass the significant resistance level at $60,000, data from Bitcoin Magazine indicates that 75% of Bitcoin has remained dormant for the past six months. This statistic suggests a higher level of confidence among investors, leading to reduced selling pressure as long-term holders refrain from cashing out their positions.
Ethereum is trading at $2,586.58, with recent data from CoinShares reporting $4.2 million in inflows for Ethereum funds compared to $42 million for Bitcoin in the past week. Meanwhile, XRP has seen a 4% increase, reaching $0.58. Positive developments within the Ripple ecosystem, including announcements related to the stablecoin RippleUSD and plans for its integration with the XRPLedger and Ethereum chain, have contributed to a bullish sentiment surrounding the altcoin.
Aptos (APT) is currently priced at $5.89, with expectations of a 27% surge towards the Fair Value Gap (FVG) between $7.46 and $7.74. The token faces resistance levels at $6.09 and $6.48, as indicated in the APT/USDT daily chart. The Relative Strength Index (RSI) stands at 45.97, approaching neutrality at 50.
Market updates reveal that 94% of the total Bitcoin supply has been issued, while 88% of the volume on the crypto prediction platform Polymarket has been associated with elections since the beginning of 2024. Additionally, data from Ultrasound.money shows a rise of 60,500 Ether in supply following the launch of Spot Ethereum ETFs, with ETH experiencing a 26% decline since the ETFs’ introduction.
In industry news, Maker Governance has approved the latest executive vote, resulting in the cessation of wrapped Bitcoin (wBTC) usage as collateral due to Bitgo’s custody transition. HTX exchange has listed SUNDOG perpetual futures, a meme coin from the SunPump launchpad. Binance Coin (BNB), Toncoin (TON), and Ethereum (ETH) are the top three trending coins on Binance according to CryptoDiffer data.
