XRP and Dogecoin Surge While Bitcoin Sees First Weekly Gain in Weeks
TL;DR
- $XRP and $DOGE have recently surged, with $XRP gaining 5% and $DOGE 4.5%, while major cryptocurrencies like $BTC and $ETH have shown little movement.
- A notable decline in transactions among large holders suggests that major stakeholders are waiting for clearer market signals before investing.
$XRP and $DOGE have emerged as standout performers in the cryptocurrency market, with $XRP rising 5% and $DOGE climbing 4.5%. In contrast, major cryptocurrencies like $BTC and $ETH have shown minimal movement, although $BTC has recorded its first weekly gain in three weeks, increasing over 6%. This week marks a significant moment for $BTC, as it is on track for its largest weekly gain since late August.
The recent surge in $XRP can be attributed to Grayscale's launch of a professional fund that includes the token in its portfolio within the U.S. market. Meanwhile, $DOGE's rise appears to be driven by market sentiment rather than a specific catalyst. Despite the overall stability in larger tokens, the cryptocurrency market has seen a slight uptick, with a liquid index tracking major tokens rising by 0.85%.
Recent analysis indicates a significant decline in activity among large holders, or "whales," in the crypto space. There has been a 33.6% drop in transactions over $100,000 for $BTC and a staggering 72.5% drop for $ETH since their peaks earlier this year. While this trend raises concerns, it suggests that large stakeholders are waiting for clearer signals before making substantial investments.
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