All articles tagged with #institutional interest
XRP's price has risen above $2 following a significant supply lock of over 500 million tokens until 2028, reducing circulating supply and potentially boosting price due to increased demand and institutional interest. Long-term holder accumulation supports the rally, but sustained momentum requires holding key support levels. The move marks a notable recovery and a shift in market dynamics for XRP.
XRP has seen a significant increase in whale activity, with addresses holding between 1 million and 10 million XRP reaching over $1.1 billion in assets. This surge is attributed to growing institutional interest in XRP's role in cross-border payments and positive market sentiment following regulatory developments. XRP's price has risen 29% in the past week, with a 352% monthly gain, as it trades at $2.44. Analysts suggest that the current whale-to-exchange activity could indicate potential profit-taking, especially if XRP approaches the $10 mark. Ripple's strategic partnerships and favorable regulatory outlook are driving institutional demand, positioning XRP for further growth.
Render's native token, RNDR, has seen a significant increase in whale transactions, indicating potential institutional interest and a possible price upswing. Despite a recent 8.85% price drop, increased network activity and positive market sentiment suggest that RNDR could be undervalued and poised for gains.
The number of Bitcoin millionaires has tripled in 2023, reaching over 81,000 addresses holding over $1 million in Bitcoin. This surge coincides with Bitcoin's price rally, surpassing $37,000. Short-term holders have profited from the rally, while long-term holders have been accumulating before the upcoming Bitcoin halving. The increasing number of millionaires is supported by strong liquidity trends and institutional interest, with the Chicago Mercantile Exchange becoming a preferred venue for traditional finance companies. The order book depth has tightened, indicating a lack of sellers compared to buyers, and the market rally suggests a shift in dynamics that may start the next bull market.
Crypto markets experienced a boost with Bitcoin briefly surpassing $35,700 before settling back. Chainlink, Polygon, and Toncoin saw an 8% increase, while Solana, Cardano, and Polkadot rose by 3%. Fed officials have been making numerous public remarks, shedding light on the factors that could influence the next interest rate decision. The Federal Reserve board appears divided on the rates outlook but emphasizes the importance of inflation data. In stocks, U.S. indices rose for the seventh consecutive session, while European indices are looking positive. Japan's Nikkei and Shanghai Composite indices were down, despite the potential visit of China's President Xi Jinping to the U.S. next week. Chinese investors are reportedly picking stocks based on names rather than their actual performance. Oil prices continue to decline, and gold softens. Institutional interest in Chainlink is growing, with the Grayscale Chainlink Trust premium reaching 200%. Circle, the issuer of the USDC stablecoin, is reportedly considering an IPO early next year, which would further solidify crypto assets in the financial landscape.
Bitcoin's price surged to over $31,400, reaching its highest level since 2021, driven by growing institutional interest. The recent rally faces uncertainties regarding the sustainability of its gains due to regulatory concerns and macroeconomic factors contributing to the prevailing uncertainty. However, the launch of a digital asset trading platform by EDX Markets and BlackRock's application to register a Bitcoin spot ETF have instilled investor confidence in the crypto space. Crypto trading expert Michaël van de Poppe expressed doubts about the cryptocurrency's ability to sustain its rally but noted that if Bitcoin experiences a minor correction to around $28,500, it will present an ideal opportunity to accumulate the asset.
Bitcoin and other cryptocurrencies are on the rise as institutional interest in the sector resumes, with Bitcoin hitting its highest price in a year at over $31,000.