Potential Rumblings In The Crypto Market Shine A Spotlight On The REX Osprey XRP ETF
While the cryptocurrency sector has enjoyed tremendous momentum since the lull that occurred after the post-COVID rally, the upside hasn’t been linear. For example, the vaunted Bitcoin (CRYPTO: BTC-USD) rally followed a step-wise pattern throughout 2024 and most of this year. Sure, BTC has managed to reach remarkable heights but the sentiment swing also attracted significant reactionary pressures as stakeholders looked to lock in their profits.
With the latest drawdown, Bitcoin investors suddenly saw a promising year go down the drain. Up to early October, BTC was up 33% for the year. At time of writing, the year-to-date performance fell to a loss of more than 5%. Even more problematic was the volatility impacting the alternative crypto or altcoin space. One of the more popular assets, XRP (CRYPTO: XRP-USD), is down nearly 7% since the beginning of January.
Of course, extreme volatility has long represented the crypto sector’s trademark. So, why do investors continue to pour money into the ecosystem? While the downside can be severe, the upside potential is what keeps speculators dreaming big. After all, before the big meltdown, the total market capitalization of all blockchain assets stood at $4.28 trillion.
Even at this moment, the value of the crypto market clocks in at just shy of the $3 trillion mark. That would make its economic level almost on par with France.
What might really attract attention is that there appears to be rising technical evidence of a possible recovery. Recently, Bitcoin rebounded to $88,000 following Taiwan’s Ministry of Justice disclosing a position held in BTC. In addition, the …
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