The new all-time highs and surging demand on Monday played into a robust cryptocurrency market, which saw its overall market capitalization recover the $3 trillion milestone. This positive movement coincides with anticipation surrounding Donald Trump's upcoming speech to Congress, scheduled for Monday, commemorating his 100th day in office. Bitcoin's price has surged past $95,000, fueled by positive flows into Bitcoin ETFs and growing expectations of crypto-related updates in Trump's address.
Bitcoin ETFs have recorded positive inflows for the past six trading days. During this period, they have racked up an impressive 3.16 billion USD of BTC! This substantial wave of investment further signals increasing institutional interest and confidence in Bitcoin’s long-term potential. With all of these developments combined, it’s no surprise that last week Bitcoin ETFs experienced unprecedented inflows, cementing all of the bullish sentiment surrounding the cryptocurrency.
Market Momentum and Altcoin Performance
As of writing, the worldwide cryptocurrency market cap is at an all time high of $3.1 trillion. This is a meager 0.2% increase over the past 24 hours. Even though this bullish movement is mild, it is suggestive of a bigger recovery in the overall cryptocurrency market, with many altcoins registering double-digit gains.
Sui (SUI) kept up its breakout run, climbing 2.3% in the last day to $3.80. Fueled by robust ecosystem developments and explosive DeFi adoption, SUI’s trading volume soared past $850 million. XRP too gained 3.3% to $2.32, riding on the wave of speculation from Trump’s 100-day speech & hints of regulatory clarity.
Monero shot up 50% on bullish tailwinds after a mysterious $333 million XMR transaction raised eyebrows. This sudden increase further emphasizes the volatility and potential for extreme price fluctuation present in the cryptocurrency market.
Bitget Takes Action Against Market Manipulation
In related news, Bitget has initiated a lawsuit against eight account holders. Defendants are charged with having flooded the VOXEL/USDT perpetual futures market on April 20. News outlet CoinDesk estimated those instances of suspected manipulation led to more than $20 million in illegal profits.
After conducting an internal investigation on the matter, Bitget undid the unusual trades and returned the impacted accounts back to regular status. This bold move demonstrates the exchange’s desire to uphold integrity within the exchange and protect the overall transparent landscape of trading.
ProShares Plans XRP Futures ETFs
ProShares could roll out all three of these futures-based ETFs linked to XRP as soon as April 30. This would open up the prospect to investors of gaining greater exposure to XRP through more traditional investment vehicles. The final approval of these ETFs, if it happens, would be a historic step in cryptocurrency’s mainstream acceptance.
