The Crypto Market Maintains An Upward Momentum

(MENAFN- FxPro)

Market Picture

The crypto market has maintained its upward trajectory, with total capitalisation up more than 7% in seven days to $2.39 trillion, the highest since late July. The Cryptocurrency Fear and Greed index is in the 71-73 (greed) range for the sixth day, also replicating the late July performance.

Bitcoin has hit new highs in almost three months, peaking at $69.5K on Monday morning on the back of a surge in inflows into the BTC ETF. The price is now assessing the late July highs, and the May-June double top just below $72K looks to be the bulls' next target.

Ethereum rises 8.2% in seven days to $2,740, reaching highs not seen since late August. The second-largest cryptocurrency can easily reach the $2,900 area, where the 50-week moving average and the April-July price support area from earlier this year could be selling points, in addition to the important round level.

News Background

Inflows into US spot bitcoin ETFs last week were $2.13 billion (+11.3% over the week), bringing the total since January to $20.94 billion. Ethereum ETFs saw an inflow of $78.9 million after two weeks of outflows, decreasing total outflow since the ETF product launch by 14.1% to $480M for the week.

The US SEC has approved the trading of options on spot bitcoin ETFs on the NYSE and CBOE. In September, the regulator approved the trading of options on spot bitcoin ETFs on the Nasdaq. Bloomberg described the SEC's decision as not surprising
but as
good news.

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The SEC has taken steps to appeal previous court rulings regarding Ripple's XRP token. The agency has filed a preliminary civil complaint (Form C). Ripple CEO Brad Garlinghouse said that despite the legal battle with the regulator, XRP is set to become one of the leaders in the crypto industry due to the coin's use in the payments sector.

According to Messari, Tron's quarterly profits increased by 30% following the launch of its SunPump meme coin creation platform. The largest token issued on SunPump was the SUNDOG, which had a capitalisation of over $220 million.

The FxPro
Analyst Team

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