Category: Cryptocurrency News

Last week marked a significant trend as crypto funds, including those holding Bitcoin, faced significant outflows, amplifying investor concerns. While the market’s momentum has wavered for several crypto, a few resilient assets stood firm. Digital asset investment products witnessed a decline for the fifth straight week. Last week alone saw outflows amounting to $53.5 million, accumulating to nearly half a billion in aggregate outflows over the past nine weeks. Market Leaders – Bitcoin And Ethereum Feel The Brunt Bitcoin (BTC), often dubbed the “king of cryptocurrency,” bore the brunt of these outflows. Roughly 85% of the outflows stemmed from Bitcoin funds, translating to a decrease of $45 million last week. Related Reading: Bitcoin’s Next Move: Crypto Analyst Predicts $45,000 Price Ahead Of Halving This happened amid Bitcoin’s grappling to recoup some of its prior losses. The cryptocurrency rose from a little over $25,000 at the start of last Monday to end the week above $26,000 by Saturday. As of this writing, Bitcoin is trading at $27,117, marking an 8.3% increase over the past 7 days Furthermore, the outflow scenario wasn’t particularly rosy for Ethereum (ETH) either. Despite its traditionally appealing investment fundamentals, according to the report, and a booming demand for its staking yield, ETH also, saw outflows to $4.8 million. Other notable assets like BNB and MATIC also experienced minor outflows. As James Butterfill, the head of research at asset manager CoinShares, highlighted in their recent report, the last two months have been especially challenging, with eight out of the previous nine weeks reporting outflows. Yet, according to the report, the U.S. seemed to be the primary catalyst behind this negative sentiment, accounting for 77% of the outflows. Other regions, such as Germany, Canada, and Sweden, weren’t immune, registering significant outflows over the last week. Year-to-date net inflows have plummeted to a meager $51 million post this outflow spree, a startling revelation given the optimistic start to 2023. Solana, Cardano, And XRP: The Silver Lining Solana, Cardano, and XRP emerged as beacons of hope in this seemingly gloomy backdrop. Unlike their counterparts, these assets saw inflows: Solana led the pack with $700,000, followed by Cardano and XRP with inflows of $400,000 and $100,000, respectively. Their performance offers a glimmer of optimism in an otherwise challenging digital asset market, indicating that pockets of resilience and investor confidence remain. Additionally, trading volume surged by a significant 42% on the brighter side, rising from the previous week’s $754 million to $1 billion. While blockchain equities, too, felt the sting with their sixth consecutive week of outflows, the increased trading volume indicates the active participation and engagement of traders in the crypto sphere. Related Reading: Solana Seeing Dark Clouds? Trader Predicts Steady Bottom Formation Notably, Solana and Cardano have seen more profits than XRP in the past 24 hours, with the former up by 5.5% and the latter by 2.8%; XRP has only recorded a mere 1% profit over the same period. Featured image from iStock, Chart from TradingView

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Since Judge Analisa Torres’s ruling back in July that programmatic XRP sales do not qualify as securities, the token has been on an upward trajectory in terms of growth. This time around, the XRP Ledger is close to another enormous milestone, which could spell good news for the XRP price going forward. Accounts On XRP Ledger Near 5 Million Mark In an interesting turn of events, the number of accounts that are present on the XRP Ledger has been rising rapidly. This has seen the metric barrel toward the 5 million total accounts milestone as it is currently sitting at an impressive 4,781,844 million accounts, according to data from XPR Ledger Services. Related Reading: Ethereum Holesky Testnet Already Seeing Issues, What’s Wrong This Time? The site’s data also shows other impressive metrics about the blockchain such as only 1,116 accounts on the Ledger are carrying a 0 balance. This means that only 0.023% of the entire XRP holder base on the ledger is carrying a 0 balance. XRPL accounts near 5 million | Source: XRP Ledger Services Of the 100 billion total XRP supply, 58,682,136,692 (58.6%) are currently sitting in holder accounts, with 41,306,191,412 (41.3%) still held in escrow. This amount held in escrow is released periodically and was designed that way to last until the total XRP supply is exhausted. Going further, a significant number of XRP tokens are also sitting as reserves (tokens in wallets that cannot be spent). The current Total Account Reserves came in at 47,818,440 and Total Owner Reserves is sitting at 13,608,012. How Will It Affect The XRP Price? The rapid rise in the number of accounts on the XRP Ledger points to an increase in interest from crypto investors. In this case, as interest rises, so will demand for the XRP token, which would, in turn, lead to a rise in the XRP price. Analysts have also been incredibly bullish on the XRP price. In one instance, a Wells Fargo Manager forecasted that the price of the altcoin could rise as high as $500, citing Ripple capturing the cross-border payments sector by 2027. Related Reading: Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem Another interesting forecast put the XRP price at $10,000, once again, citing Ripple’s rising market share in the payments sector as a driver. A more conservative crypto analyst put the token’s price at $130 after it formed a rare triangle pattern on its chart. Despite these very bullish predictions, the XRP price continues to struggle at this point. It is still trading well below the $0.5 resistance which has become the important level to beat. At the time of writing, it’s sitting at $0.49, recording meager gains of 0.03% on the daily chart. Although there is a more significant 5.52% gain on the weekly chart. XRP flashes bullish as 5 million account milestone approaches | Source: XRPUSD on Tradingview.com Featured image from XRP News, chart from Tradingview.com

The funds include $380 million for early-stage investments and a $200 million dollar “opportunity fund.”

Disclaimers: This is my first attempt at a proper OC post , it's going to have rough edges. Any and all feedback for ways to improve or what you'd like to see in the future is very much appreciated. NFA – do your own reasearch and give it a go yourself if you like the…
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