Top 5 Crypto Market Trends This Week: Bitcoin Surge & Ripple’s 15% Rally
This past week has been eventful for the cryptocurrency market, with Bitcoin (BTC) taking center stage. Following the U.S. presidential election, which saw pro-crypto Republican Donald Trump elected as the 47th president, BTC surged to a new all-time high of around $79,780.
The market interpreted Trump’s victory and the pro-cryptocurrency tilt of Congress as bullish for digital assets.
With 242 pro-crypto candidates elected to the U.S. House of Representatives and 14 to the Senate, the political environment looks favorable for crypto-friendly legislation. Market speculation now suggests that the U.S. SEC might soon soften its stance, potentially dropping several ongoing digital asset lawsuits.
- BTC High: $79,780
- Weekly BTC Gains: 15%
- Political Impact: 242 pro-crypto candidates in the House, 14 in the Senate
Adding to the optimism, the Federal Reserve’s recent decision to cut interest rates by 0.25 basis points further encouraged risk assets, with new BTC wallets acquiring approximately $145 million worth of Bitcoin. This wave of institutional and retail interest marks a significant turning point for Bitcoin’s appeal as a mainstream asset.
Ripple’s XRP Sees Market Momentum with ETF Hopes
Ripple’s XRP was another major highlight, witnessing a 14% surge over the past week, pushing its price to $0.57. Ripple CEO Brad Garlinghouse has voiced strong optimism for the crypto industry’s prospects under a pro-crypto administration, particularly with discussions around an XRP Exchange-Traded Fund (ETF) gaining momentum. The potential for an ETF approval has investors buzzing, as it could provide easier access to XRP for mainstream investors.
Ripple has also hinted at launching a Dirham-backed stablecoin in the UAE, a move that could further expand its global footprint. With these developments, XRP’s price performance reflects market enthusiasm as investors anticipate regulatory support and global expansion opportunities.
- XRP Weekly Increase: 14%
- Price Target: $0.57
- Future Outlook: XRP ETF discussions and potential UAE-backed stablecoin
Dogecoin and New Wallet Activity Show Strong Interest
Meanwhile, Dogecoin (DOGE) sparked global attention, with the meme coin soaring nearly 50% over the past week. Market excitement was fueled by Elon Musk’s influence and speculation that he might assume a role in Trump’s administration, boosting DOGE’s appeal.
This rally reflects growing optimism around meme coins and the impact of celebrity-driven endorsements on market sentiment.
Additionally, data shows an increase in Bitcoin wallet activity, with new BTC wallets accumulating nearly $145 million worth of coins. This accumulation trend suggests a long-term confidence in BTC, underpinned by expectations of more crypto-friendly policies under the new administration.
- DOGE Weekly Gain: 50%
- BTC Wallet Accumulation: $145 million
- Market Sentiment: Bullish across BTC and altcoins
This week’s crypto market events underscore a shift in sentiment, with major cryptocurrencies rallying as pro-crypto policies gain ground in the U.S. As new legislation and potential regulatory shifts unfold, the coming weeks could reveal further opportunities for growth in Bitcoin, XRP, DOGE, and beyond.
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