BTC$84,4691.62%ETH$1,877.982.16%USDT$1.000.01%XRP$2.09-0.37%BNB$600.32-1.43%SOL$124.54-1.20%USDC$1.000.00%DOGE$0.171.38%ADA$0.670.51%TRX$0.240.13%STETH$1,8762.13%WBTC$84,4901.80%TON$4.00-3.18%LINK$13.690.54%LEO$9.392.11%XLM$0.270.84%WSTETH$2,244.341.89%USDS$1.00-0.00%AVAX$19.150.60%SUI$2.35-0.09%SHIB$0.00001234-2.89%HBAR$0.171.01%LTC$82.76-1.50%DOT$4.10-0.15%OM$6.19-2.16%BCH$304.51-0.61%BGB$4.59-0.05%WETH$1,877.972.14%USDE$1.000.01%BSC-USD$1.00-0.02%BTC$84,4691.62%ETH$1,877.982.16%USDT$1.000.01%XRP$2.09-0.37%BNB$600.32-1.43%SOL$124.54-1.20%USDC$1.000.00%DOGE$0.171.38%ADA$0.670.51%TRX$0.240.13%STETH$1,8762.13%WBTC$84,4901.80%TON$4.00-3.18%LINK$13.690.54%LEO$9.392.11%XLM$0.270.84%WSTETH$2,244.341.89%USDS$1.00-0.00%AVAX$19.150.60%SUI$2.35-0.09%SHIB$0.00001234-2.89%HBAR$0.171.01%LTC$82.76-1.50%DOT$4.10-0.15%OM$6.19-2.16%BCH$304.51-0.61%BGB$4.59-0.05%WETH$1,877.972.14%USDE$1.000.01%BSC-USD$1.00-0.02%

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Veteran Layer 1s Lead Rally as Bitcoin Hovers at $99,000

Stellar, Ripple, and Cardano are up more than 20% in the past 24 hours.
By: Mehab Qureshi • November 22, 2024
Veteran Layer 1s Lead Rally as Bitcoin Hovers at $99,000

The cryptocurrency market is set to end the week on a high note, driven by optimism over a crypto-friendly regulatory environment under President-elect Donald Trump.

Bitcoin (BTC) rose 1% in the last 24 hours to $99,000, while Ethereum (ETH) and Solana (SOL) dipped 1%. The total crypto market capitalization remained unchanged at $3.44 trillion.

XRP Price chart
XRP Price

While the top three consolidate, other established Layer 1 blockchains are leading the charge. Stellar (XLM), Ripple (XRP), Cardano (ADA), Algorand (ALGO) and Cosmos (ATOM) are up by between 15% and 30% today. XRP's rally has been fueled by increased activity in derivatives markets.

On Nov. 22, XRP’s open interest (OI) hit an all-time high of $2.62 billion, a 20% increase from the previous day, according to CoinGlass.

Gary Gensler’s resignation as Securities and Exchange Commission (SEC) Chair on Nov. 21 likely boosted sentiment surrounding XRP. The token has been at the center of a prolonged legal battle with the SEC over whether it should be classified as a security. Gensler’s exit is seen as potentially paving the way for regulatory clarity.

Investor sentiment hit 94 on the Crypto Fear & Greed Index, showing “extreme greed” and up from 80 last week. The last time the index hit 94 was on Feb. 14, 2021.

Fear and Greed Index
Fear and Greed Index

In the broader market, $388 million worth of leveraged positions were liquidated in the past 24 hours, with $210 million coming from short positions, according to CoinGlass.

Meanwhile, spot Bitcoin exchange-traded funds (ETFs) also recorded $1 billion in inflows.

Ethereum Derivatives Market Hits Milestones

Ethereum’s derivatives market is signaling bullish momentum, with open interest surpassing its previous all-time high to exceed $13 billion. This represents a 40% increase in the past four months.

Ethereum’s leverage ratio — a measure of open interest relative to exchange coin reserves — has reached an ATH of +0.40, reflecting increased risk-taking by traders.

“Currently, funding rates are moderately positive, signaling a prevailing dominance of long-position traders,” wrote CryptoQuant contributor Egy Hash.

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