Earlier this Monday, Ripple CEO Brad Garlinghouse led to (formerly Twitter) to share information on broader market trends. He emphasized rising Bitcoin ETF volumes as a leading indicator of cryptocurrency market movements.
Earlier this Monday, Ripple CEO Brad Garlinghouse led to (formerly Twitter) to share information on broader market trends. He emphasized rising Bitcoin ETF volumes as a leading indicator of cryptocurrency market movements.
This adds to the anticipation of Bitcoin’s “halving,” a significant event that reduces the reward for mining new blocks.
This comes as XRP, the cryptocurrency associated with Ripple, has grabbed the spotlight and become the top-performing asset among the top 100 cryptocurrencies by market capitalization.
XRP rises to the top
XRP has achieved an enviable position, recording a staggering 18.9% price increase in a 24-hour period and pushing its trading volume past the $5 billion mark.
This rise puts XRP at the top of the market performance, eclipsing Litecoin (LTC) and other cryptocurrencies.
This market behavior shows strong investor appetite for XRP as it leads the pack with substantial trading activity and increased interest in derivatives trading.
The new market catalysts
The cryptocurrency market has found a new measure of success in Bitcoin ETFs, which have seen exceptional volumes and activity.
Bloomberg’s Eric Balchunas noted the “absurd” success of Bitcoin ETFs, pointing to a staggering $55 billion in assets and doubling that volume to $110 billion in just the first two months since their inception.
Bitcoin itself has mirrored this success, reaching a new all-time high of $72,704 on the Bitstamp exchange.
