The global crypto market cap has risen to $3.23 trillion, marking a 1.08% increase in the last 24 hours. Despite a decrease of 8.95% in overall trading volume to $96.4 billion, investors are closely watching major market developments that have contributed to the current price rally. Bitcoin’s dominance has slightly declined by 0.54% to 60.20%, indicating strong interest in altcoins as well.
Several factors are contributing to the market’s upward momentum, including the Cardano ETF proposal, XRP ETF discussions, Federal Reserve policies, and liquidations.
A major development in the crypto industry is Grayscale’s filing for a spot Cardano ETF via NYSE Arca, which aims to expand institutional investment beyond Bitcoin and Ethereum. This news has significantly impacted Cardano’s price, causing a 13% surge to $0.79. Other investment firms, including Virtune and 21Shares, have also introduced ADA-based products, increasing institutional confidence in the asset.
Meanwhile, the ongoing Ripple vs. SEC lawsuit continues to shape XRP’s future. Since its start in December 2020, the lawsuit has led to significant market reactions. Although Judge Torres fined Ripple $125 million in August 2024, Bloomberg analyst James Seyffart predicts a 65% chance of XRP ETF approval by 2025. Many expect that a settlement will take place before an ETF approval, leading to further price gains.
The crypto market has also responded to Federal Reserve Chair Jerome Powell’s upcoming speech, which could impact interest rates and market liquidity. Investors are closely watching the U.S. tariff policies and economic outlook, which are influencing Bitcoin’s price movements. BTC has risen 1.1% to $98,209, while Ethereum saw a 2.4% increase to $2,704.37. Analysts expect Bitcoin to consolidate between $90K-$108K, with $100K acting as a psychological resistance level.
The Fear and Greed Index reflects changing investor sentiment, currently standing at Neutral (47) compared to Fear (43) yesterday. Just last week, the market was in Greed (72), showing how investor emotions shift quickly.
A neutral reading suggests that investors are neither too fearful nor overly optimistic, which can result in steady market movements. The improvement from last week’s Fear (43) to Neutral (47) aligns with the price gains across major cryptocurrencies, indicating a return in investor confidence. Historically, extreme fear has been a buying opportunity, while greed often leads to market corrections.
A total of 97,218 traders were liquidated in the past 24 hours, with total liquidations reaching $151.93 million. The largest single liquidation order occurred on Binance’s BTC/USDT pair, valued at $1.87 million.
The combination of ETF filings, legal updates, Federal Reserve policies, and market sentiment shifts has driven today’s market uptrend. While Bitcoin and Ethereum continue their steady climb, altcoins like Cardano and XRP are gaining institutional traction, further strengthening the market’s outlook.
Also read: Ripple News Today: XRP Surges Amid Legal Battles, Market Expansion
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