Cryptocurrencies, including Dogecoin, Bitcoin and XRP, are experiencing a significant rebound after a sharp decline on Monday.
Cryptocurrencies, including Dogecoin, Bitcoin and XRP, are experiencing a significant rebound after a sharp decline on Monday. Dogecoin saw an 11% rise on Tuesday, recovering quickly to $0.357, nearly matching its price from a week prior. However, it remains down by 12% over the last 30 days, following its strong performance in December.
XRP also saw a considerable uptick, with the price climbing by 9%, reaching $2.66, marking its highest point of 2025 so far. This growth brings XRP close to its seven-year high of $2.82 from December. The price surge comes amid growing optimism over potential XRP ETF approvals. Ripple, the company behind XRP, is also seeing increased ties to the incoming administration, as CEO Brad Garlinghouse and CLO Stuart Alderoty met with President-elect Donald Trump last week, fueling the cryptocurrency's rise.
Bitcoin, which faced a sharp dive on Monday, has since made a strong recovery. It is currently priced at $96,905, reflecting a 5% increase for the day. Ethereum and Solana are also up, with Ethereum seeing a 6% rise and Solana climbing over 5%. The broader rebound follows fears that high interest rates could persist into 2025, which had previously caused sharp declines.
Data from CoinGlass shows that over $300 million in futures were liquidated in the past 24 hours, with short positions making up the majority of those liquidations. Bitcoin and Ethereum saw smaller gains compared to XRP, but the overall cryptocurrency market is displaying positive momentum. XRP's performance was particularly noteworthy, outpacing other major cryptocurrencies, partly due to Ripple’s optimism about XRP ETFs.
The recovery in these cryptocurrencies suggests that investors are regaining confidence, despite earlier concerns over economic factors like interest rates. With major players like Bitcoin, Ethereum and XRP showing strong gains, the market seems poised for further growth shortly.
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