Bitcoin (BTC) Hits 13-Month High Thanks to These Two Major Triggers
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Bitcoin (BTC) has reached a 13-month high, signaling positive momentum in the cryptocurrency market. While the recent surge in the price of Ripple-affiliated XRP has captured much attention, Bitcoin's upward trajectory is a significant development worth noting.
According to Santiment, an on-chain data aggregator, there are two major triggers behind Bitcoin's recent price surge to $31,500. First, the partial victory of Ripple Labs over the U.S. Securities and Exchange Commission (SEC) has contributed to positive market sentiment. Second, mid-tier traders, referred to as "dolphin" and "shark" wallets (holding 0.11-100 Bitcoins), as well as "fish" wallets (holding up to 0.1 BTC), have been accumulating Bitcoin.
On June 13, the price of Bitcoin experienced a sudden surge of 4.45%, reaching $31,636. This price level had not been seen since June 1 of the previous year. Although Bitcoin has retraced some of its gains since then, with a 2.92% increase overall, it is currently trading at $31,203 on the Bitstamp exchange. The market capitalization of Bitcoin has risen by 2.15%, reaching $606,498,554,805, and its trading volume has surged by 78.72%, hitting $26,275,297,330.
It is worth mentioning that the second-largest cryptocurrency, Ethereum (ETH), has also experienced significant gains following the Ripple-SEC case outcome. Ethereum surged by nearly 5%, accumulating a total rise of 7.58% over the past two days, briefly surpassing the $2,000 level. However, Ethereum has retraced by 1.37% and is currently trading at $1,997.
While Bitcoin's price surge is noteworthy, XRP, the sixth largest cryptocurrency, has seen a massive surge in its price. Within 24 hours, XRP briefly surged by over 100%, reaching $0.94. However, the price settled at a 74% growth, closing at $0.82325. Currently, XRP's price has retraced by 5.61%, trading at $0.77597.
The significant price increase of XRP can be attributed not only to Ripple's partial victory over the SEC but also to major exchanges restoring XRP trading on their platforms. Kraken, Bitstamp, Coinbase, and Crypto.com have all reinstated XRP trading, which has further boosted the coin's price.
This outcome marks a turning point in the Ripple-SEC case, which started in December 2020 when the SEC alleged that XRP was an unregistered security. The recent verdict by Judge Analisa Torres stated that Ripple's institutional sales of XRP were indeed securities, while programmatic and other sales were not.
In conclusion, Bitcoin's surge to a 13-month high demonstrates the positive momentum in the cryptocurrency market. The outcome of the Ripple-SEC case has had a significant impact on the prices of XRP and other cryptocurrencies like Ethereum. The reinstatement of XRP trading on major exchanges has also contributed to its substantial price surge. As the market continues to evolve, it is important for investors to conduct their own research and make informed decisions based on their risk tolerance and investment goals.
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