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XRP, DOGE Lead Market Gains as Bitcoin Dips Under $58K

Sep 12, 2024
    Major cryptocurrencies like bitcoin and ether were little changed.XRP and dogecoin were notable exceptions, with XRP’s increase linked to Grayscale’s new fund.Bitcoin has added more than 6% this week, putting it on track for the first weekly gain in three weeks.However, there has been a notable decrease in transactions over $100,000, with a 33.6% drop for bitcoin and a 72.5% drop for ethereum since their peaks earlier in the year.
As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I find myself cautiously optimistic about the recent market movements. The slight declines in major cryptocurrencies like Bitcoin and Ethereum are not uncommon, especially when we’re between significant price swings. However, the notable exceptions – XRP and Dogecoin – have piqued my interest.Over the last day, Bitcoin (BTC) and significant digital currencies experienced minor drops, as there were not many triggers to sustain a price increase during the weekdays.
cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Solana’s SOL, BNB Chain’s BNB, and Cardano‘s ADA each dropped nearly 1% according to CoinGecko. In contrast, XRP and meme coin Dogecoin (DOGE) were the exceptions, increasing by 5% and 4.5%. The overall CoinDesk 20, which measures the largest tokens based on market capitalization, grew by 0.85%.
On Thursday, I noticed a surge in the value of my XRP holdings. This uptick could be attributed to the launch of a specialized investment fund by Grayscale, which now includes XRP in its portfolio within the U.S. As for Dogecoin (DOGE), there seemed to be no specific event or news that sparked its rise.

Regardless of no activity in the last day, Bitcoin has climbed over 6% this week, placing it towards its largest weekly increase since the week ending August 25, which saw a rise of 10%.

This week, Santiment, a tool for analyzing blockchain data, pointed out that there has been a significant decrease in activity among major cryptocurrency holders, often referred to as whales, over the past month. This could indicate that these significant market players are waiting for a strong indication before they invest substantial funds.

The transfer of Bitcoin valued above $100,000 has decreased by approximately 33.6% from its high point in March and April, as stated by Santiment. Conversely, Ether has experienced an even steeper decline, with a drop of about 72.5%, reaching its peak in April.

Santiment stated, “This isn’t automatically a sign of pessimism. Whales are just as likely to be active in bullish or bearish markets. However, this suggests that significant investors are remaining patient, waiting for the right moment to act when there is excessive enthusiasm or panic among the masses.

According to their analysis of sentiment trends, a surge back to around $70,000 could cause widespread fear of missing out (FOMO), while a drop down to approximately $45,000 might trigger significant fear, uncertainty, and doubt (FUD).

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2024-09-13 15:50