Crypto Outlook: BTC, ETH, XRP and LTC Increases

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The global crypto market cap is $1.82T, which increased 1.80% in the previous day. Over the last 24 hours, the market volume is $94.20B, making a significant increase of 0.84%. This crypto outlook will highlight some of the major events associated with some top cryptocurrencies.

Bitcoin: BTC is currently trading at $40,836.43, which is a price increase of 0.54% over 24hours. Moreover, the price also increased by 4.54% in the last seven days. BTC today reached a high of $41,323.26 and a low of $39,566.67.

Few digital asset research service providers described the motivation behind the miners’ for their expansion strategy. The cause of this is that the publicly listed miners desire their stock to be closely correlated with Bitcoin’s price. This is because a greater correlation with the standard crypto would draw investors looking for indirect Bitcoin exposure in the long run.

Another news to note is that Anthony Scaramucci, SkyBridge Capital founder predicted having a Bitcoin ETF by the end of the year. He would have a Bitcoin exchange-traded fund that would be in line with the regulations and guidelines of the U.S. Securities and Exchange Commission (SEC).

Ethereum: ETH, the native token of the Ethereum chain, is currently trading at $2,784.64, which is a price increase of 3.38% and 7.52% in the past 24hrs and the last seven days, respectively. The ETH price formed a high of $2,806.46 today and a low of $2,647.29.

Ethereum, the second-largest cryptocurrency by market capitalization, is now back in the green. As the market turned bullish, Ethereum has seen an inflow of over $20 billion into its market capitalization in the last seven days. Moreover, ETH stands at $332.17 billion when compared to the market value of the DeFi asset, according to CoinMarketCap.

Ethereum has been on the way to work on proof of stake consensus for quite a while now. However, there has been a delay, and to this, Vitalik Buterin, the founder, has attributed it to people’s problems instead of technical problems.

XRP: XRP is currently trading at $0.7922, which is a price increase of 2.99% over 24 hours and 7.80% over the last seven days.

The American payment technology company Ripple plans to give out one billion XRP in offerings for developers. The recently announced offering is an extension of the company’s XRPL Grants program launched in 2021.

The XRPL Grants program seeks to enable others to build inclusive standards leveraging the XRP Ledger’s open-source technology and further innovate on the Internet of Value.

With the current XRP price, the total value of the grant is around $794 million, out of which the firm has awarded a total of $6 million in funding to over 50 projects to date. Moreover, the company would offer financial, technical, and business assistance to developers looking to build on XRPL.

Litecoin: LTC is currently trading at $110.06, which is a price increase of 2.04% and 8.60% in 24 hours and over the past seven days, respectively.

Litecoin’s (LTC) earlier bullish move saw a decent profit before stopping at the $115.96-mark. From this swing high, the price started its bearish move and halted at $96.17. Currently, the chart shows more bullish candles breaking the structure highs. The next resistance to look at would be $115.96. If the price breaks above this zone, it could trade much higher.

Nitish Vaibhav
Nitish Vaibhavhttp://thetradingbay.com
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

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