Altcoin Rally Begins as ADA, XRP Surge After BTC’s ATH
- After Bitcoin hit a new all-time high, a capital rotation into major altcoins like ADA and XRP has begun
- Cardano (ADA) is leading the charge, surging nearly 20% in the last 24 hours amid the market shift
- The move is seen by analysts as the potential start of a new “altseason” for the crypto market
Bitcoin reached a new all-time high (ATH) today (multiple times), and is now sitting at around $118k. The most well-known cryptocurrency has experienced a constant boost in the last few days, with a roughly 6.5% gain in the last 24 hours.
The recent surge is likely due to a mix of several elements, such as persistent institutional inflows, especially from spot Bitcoin ETFs, or even retail FOMO (fear of missing out) triggered by the ATH headlines.
According to Coinglass, Bitcoin futures open interest has climbed to $84.79 billion, pointing to huge levels of leverage. At the moment, the top 3 exchanges by open interest are CME ($18.35 billion), Binance ($14.25 billion), and Gate ($8.85 billion).
As a reminder, Bitcoin open interest refers to the count of all the live agreements for buying or selling Bitcoin at a future price. It serves as a measure of the funds …
The post Altcoin Rally Begins as ADA, XRP Surge After BTC’s ATH appeared first on Coin Edition.
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Altcoin Rally Begins as ADA, XRP Surge After BTC’s ATH
- After Bitcoin hit a new all-time high, a capital rotation into major altcoins like ADA and XRP has begun
- Cardano (ADA) is leading the charge, surging nearly 20% in the last 24 hours amid the market shift
- The move is seen by analysts as the potential start of a new “altseason” for the crypto market
Bitcoin reached a new all-time high (ATH) today (multiple times), and is now sitting at around $118k. The most well-known cryptocurrency has experienced a constant boost in the last few days, with a roughly 6.5% gain in the last 24 hours.
The recent surge is likely due to a mix of several elements, such as persistent institutional inflows, especially from spot Bitcoin ETFs, or even retail FOMO (fear of missing out) triggered by the ATH headlines.
According to Coinglass, Bitcoin futures open interest has climbed to $84.79 billion, pointing to huge levels of leverage. At the moment, the top 3 exchanges by open interest are CME ($18.35 billion), Binance ($14.25 billion), and Gate ($8.85 billion).
As a reminder, Bitcoin open interest refers to the count of all the live agreements for buying or selling Bitcoin at a future price. It serves as a measure of the funds …
The post Altcoin Rally Begins as ADA, XRP Surge After BTC’s ATH appeared first on Coin Edition.
Read More