Bitcoin (BTC) has once again crossed the $106,000 mark, with a 2% price increase in the last 24 hours. However, it has experienced an 8% correction since its all-time high of nearly $112,000 on May 22. A recent report by Bitfinex attributed this correction to a court of appeal decision regarding a dispute on US import tariffs, leading to 30-year Treasury yields surpassing 5% for the first time in nearly 16 years.
The recent pause on US tariffs directed at select Chinese goods until August 31 may have contributed to today’s price increase. This positive momentum is also seen in other risk assets, with the S&P 500 up by 0.6% and the Nasdaq up by 0.8%.
Ethereum (ETH) and XRP have been outperforming in the market. Ethereum has reclaimed the $2,600 zone lost on May 30, reaching a current price of $2,622.60. It is up 89% since its yearly low of $1,385.51 on April 9. Ethereum has gained 5.5% on Bitcoin over the past week, showcasing its resilience.
Institutional interest in Ethereum has been on the rise, with ETH-related funds leading in inflows totaling $321.4 million last week. Additionally, data from Farside Investors shows that US-traded spot Ethereum exchange-traded funds (ETFs) have surpassed $3 billion for the first time on May 30.
XRP has also seen significant growth, reaching $2.28 after a 5% daily price increase. Data from Santiment indicates that 90% of XRP’s supply is in profit, trailing only behind Bitcoin in terms of performance. Institutional interest in XRP as a corporate reserve asset is also growing, with companies like Webus International and VivoPower announcing plans to add significant amounts of XRP to their treasuries.
Overall, the cryptocurrency market is showing signs of strength and resilience, with Ethereum and XRP leading the way in terms of growth and institutional interest. As the market continues to evolve, these altcoins are positioned to capitalize on the positive momentum and drive further growth in the coming weeks.