Bitcoin (BTC) Rally: High Interest In ETH And XRP Might Be Behind It
The crypto market saw a boost recently after the massive correction that Bitcoin (BTC) and the altcoins have been hit with.
At the moment of writing this article, BTC is trading in the red, and the most important digital asset is priced at $8,472.81 on CMC.
A sudden boost in interest in XRP and ETH
There’s a sudden boost in interest in ETH and XRP, according to the head of trading strategy at Galaxy Digital.
Josh Lim told Bloomberg that he sees increased interest in the crypto space, and this means that the wave of enthusiasm is coming back.
“Today, and starting over the last week, we’ve seen a resurgence of interest in alt-coins. The leaders in that regard have been Ethereum and Ripple.”
Lim mentioned the increasing volume in emerging markets as a crucial factor.
“We are starting to see more demand pick up in the market. We’ve heard a lot of buyers coming out of emerging market economies. There is certainly some interest coming out of Latin America. There’s a lot of unrest in other parts of the world,” he said.
The online publication the Daily Hodl revealed that according to the latest data coming from Coin. Dance trading volume spikes in Hong Kong, Venezuela, Colombia, Egypt, The Philippines, and Singapore.
There have been a lot of optimistic crypto predictions popping up in the crypto space lately.
But now, Scott Melker from the Texas West Capital warned that due to its sharp rise in a few hours just the other day, BTC reached an important level of resistance and could soon drop more.
“I closed my shorter-term BTC positions. That move had a lot of juice, would not be surprised to see some consolidation here or a bit of a drop. Strong area of resistance. Will reconsider entry depending on what I see throughout the day…” he said.
He continued and explained his own case and said that “This is just my short term portfolio which is 15% of my total. Between 60-70% of my portfolio sits in BTC regardless.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.