Daily Crypto Signals: Bitcoin and XRP Rally Amid White House Crypto Summit Anticipation
Market recovery shows signs of life as Bitcoin rebounds past $90,000 and XRP crosses $2.4 hours ahead of Trump’s strategic Bitcoin reserve announcement expected on March 7.
Crypto Market Developments
Following a turbulent period of great volatility whereby Bitcoin fell to $81,500 on March 4, the bitcoin market is showing indications of recovery. As excitement over the inaugural White House Crypto Summit set for March 7 grows, President Donald Trump is anticipated to reveal ideas for a strategic cryptocurrency reserve, hence sparking the rebound.
With other assets such Ether, Solana, Cardano, and XRP slated to be included in the national cryptocurrency reserve, Commerce Secretary Howard Lutnick indicated that Bitcoin will most certainly have “special status”. To go over regulatory plans and the suggested strategic reserves, the summit will gather investors, founders, and business leaders. Signing a possible change in the regulatory climate, the U.S. Senate recently voted 70-27 to approve a resolution to revoke a Biden-era rule requiring decentralized financing (DeFi) protocols to report to the Internal Revenue Service (IRS).
Bitcoin Rebounds Above $90,000
Rising from its previous low, Bitcoin BTC/USD is trading above $90,000 as buyers try to go beyond opposition at the 20-day exponential moving average ($91,174). The main cryptocurrency is developing a symmetric triangular pattern, suggesting traders’ brief uncertainty. Long-term confidence is still robust despite the volatility of the present market; Mexican billionaire Ricardo Salinas revealed that 70% of his investment portfolio comprises of assets connected to Bitcoin. Reflecting the tumultuous market conditions among contradicting macroeconomic signals and the possible influence of Trump’s forthcoming cryptocurrency policies, Bitcoin’s realized volatility has reached cycle highs above 80% on one and two-week periods.
Ethereum Holds Above $2,200
After momentarily dipping below $2,000 for the first time since November 2023, Ethereum ETH/USD dropped sharply on March 4 but has since recovered to about $2,240. With only 26% of all addresses holding ETH currently in profit and a startling 70% underwater, the second-largest cryptocurrency still has problems. Declining transaction fees falling below $1 for the first time since July 2020 combined with a declining total value locked (TVL), which decreased 13% over two weeks to $50.8 billion reflect alarming tendencies in network activity. Recently implemented on the Sepolia testnet, the forthcoming Pectra upgrade shows some promise for development but might not be able to quickly buck Ethereum’s gloomy trend that has lasted 357 days.
XRP Targeting New All-Time Highs?
Maintaining a position 28% above its February 28 low of $1.94, XRP XRP/USD has shown amazing resilience, rising 15% over the previous day to trade above $2.48. Daily active addresses in the digital asset have seen a notable rise in on-chain activity; from 74,589 to 462, 650, daily active addresses jumped by 620% the previous week. Technical analysis indicates XRP is above a critical support zone, hence if it keeps support at $2.33 and $2.22, it could establish the conditions for a rally into new all-time highs. At 0.0012, the XRP/ETH pair is nearing a crucial resistance level that historically has set off parabolic rallies of up to 160% when broken. If present trends hold true, this performance suggests XRP might perhaps surpass Ethereum’s market cap.
Bitwise Files for Spot Aptos ETF
Aptos (APT) has become well-known as crypto asset manager bitwise filed on March 5 to launch a spot Aptos exchange-traded fund (ETF) in the United States. Originally hailed as a “Solana killer,” former Facebook employees Mo Shaikh and Avery Ching’s layer-1 blockchain now stands as the 36th biggest cryptocurrency with a market valuation of $3.8 billion. Reacting favorably to the ETF registration announcement, APT jumped 14.4% over the past 24 hours to $6.25. With roughly $830 million made of stablecoins and $1.03 billion total value frozen, the blockchain boasts the eleventh greatest value locked among blockchains. Bitwise’s filing adds to its expanding portfolio of spot ETF applications, which presently consists of Bitcoin, Ethereum, Solana, XRP, and Dogecoin.
Top Altcoins to Watch Today
- Solana SOL/USD: Defending the critical $125 support level with signs of buying interest, Solana is aiming for a potential recovery towards $161 if it can overcome the $151 resistance.
- Cardano ADA/USD: Experiencing volatile price swings but holding support at the 20-day EMA around $0.80, Cardano bulls are targeting a push towards $1.25 if the price remains above $1.00.
- BNB: Showing initial recovery from a dip below $557 support, BNB is now encountering resistance at its 20-day EMA near $619.
- Dogecoin DOGE/USD: After breaking below a channel pattern, Dogecoin is attempting to hold the crucial $0.18 support level, with a potential recovery if it can climb back above the 20-day EMA around $0.23.
- Pi (PI): Following a significant rally, Pi is currently consolidating around the $1.55 level, finding support at the 50% Fibonacci retracement after profit-taking.
- Hedera (HBAR): Trading within moving averages indicating indecision, Hedera leans slightly bullish aiming for $0.32-$0.35 if it breaks $0.26 resistance, while a drop below $0.22 could lead to a decline towards $0.17 support.
- Chainlink LINK/USD: Briefly dipping below a descending channel support but showing buyer interest, Chainlink needs to reclaim $16.67 to signal bullish momentum towards $20.12 resistance, otherwise, it risks falling towards $10 support.
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