FXStreet Team
FXStreet
Ripple (XRP) price climbs and trades at $2.98 at the time of writing on Thursday, up from $2.84 and observing a 4.86% increase in the last 24 hours. The daily trade volume increased by 32.72%, as nearly $6,740,590,058.35 in XRP was traded. Volume remains high, meaning strong interest from a large number of investors likely anticipating a gain in the token in the short term.
XRP gained 4.34% in the last 7 days, and the total market capitalization currently hits $178,368,725,408.33.
In the last 24 hours, Zcash, SPX6900 and DeXe emerge as top gainers, while MemeCore, Plasma and Pi are the top losers.
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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Litecoin price continues to climb, trading above $118 on Thursday, extending gains of over 10% so far this week. The bullish momentum is further supported by rising Open Interest and trading volume in the LTC token.
Zcash (ZEC) rally outperforms the broader cryptocurrency market, driven by Grayscale's launch of a ZEC trust and a record-high Open Interest. DeXe (DEXE) and MYX Finance (MYX) follow as top performers with double-digit gains.
Tether is exploring a partnership with Rumble to drive USAT adoption in the US market through the launch of a stablecoin wallet. Tether plans to leverage the video streaming platform Rumble to drive adoption of USAT, its US-focused stablecoin, CEO Paolo Ardoino said.
On-chain researcher ZachXBT reported a potential hack of Japanese mining pool SBI Crypto, involving the withdrawal of $21 million worth of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE) and Bitcoin Cash (BCH).
Bitcoin (BTC) price hovers around $109,000 at the time of writing on Friday after shedding nearly 5% so far this week. The broader cryptocurrency market experienced its largest single-day liquidation event of the year, wiping out mostly long positions.
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