Crypto Market Trades in the Green as Top 5 Token Soars 20%
Bitcoin (BTC) is seeing moderate gains and is trading just below $97,000, according to Binance’s pricing. A similar trend is observed among altcoins. Ethereum (ETH) is slightly down as it attempts to consolidate around $3,200.
Other tokens, such as Binance Coin (BNB), Solana (SOL), and Tron (TRX), are also experiencing minor declines.
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[[USD/BTC-graph]]
However, certain assets are standing out with notable gains. Cardano (ADA) has risen by 3%, XRP has surged nearly 20% in recent days, and Stellar (XLM) has posted over 8% growth in the last 24 hours.
Ripple Rally Reasons
XRP’s strong rally is driven by accumulation by large investors, commonly referred to as “whales,” and speculation surrounding the potential approval of an Exchange-Traded Fund (ETF) for Ripple’s cryptocurrency. According to a JP Morgan report, SOL and XRP ETFs could outperform ETH ETFs during their first six months in the current market conditions.
The legal situation of Ripple with the SEC could reach a favorable resolution under Donald Trump’s administration.
Broader Economic Aspects
As previously reported, the Federal Reserve has halved its projection for interest rate cuts in 2025, now anticipating a reduction of 50 basis points. This adjustment reflects the impact of Trump-era policies on inflation. According to CME’s FedWatch tool, the market does not foresee rate cuts in the first three meetings of the year, with only a 25-basis-point reduction expected starting in June.
However, there is a growing risk that a significant growth shock might be required to control inflation. Markets are likely to scrutinize the economic cost of winning the battle against inflation. Higher interest rates, a strong dollar, and the potential reintroduction of tariffs from the Trump era pose substantial challenges to global growth.
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