Here's a breakdown of the performance of key cryptocurrencies:
Bitcoin (BTC)
Bitcoin is currently trading near $112,000, having rebounded from a recent low of around $107,000.
The price is in a consolidation phase, with analysts watching for a potential break above the $113,000 resistance level.
The market is being influenced by expectations of U.S. interest rate cuts and continued institutional buying, which has been a major trend since the approval of U.S. spot Bitcoin ETFs.
Ethereum (ETH)
Ethereum is trading around $4,300, showing stabilization after some recent outflows from ETFs.
Despite the recent sell-off, institutional interest in Ethereum remains strong, with a record $165 billion in stablecoins now on the Ethereum network.
Other Major "Brands" (Altcoins)
Solana (SOL) has been a strong performer recently, with its price approaching the upper bound of its upward channel. It's benefiting from ongoing speculation and a new push for ETF approvals.
Dogecoin (DOGE) and other meme coins have seen a resurgence, with Dogecoin experiencing a surge of around 7% in a single day, signaling a return of risk appetite in the market.
XRP has shown signs of a comeback, breaking out of a descending channel and moving closer to the $3.00 mark.
