Crypto Today: Bitcoin lags as Ethereum and XRP rally, Solana, Dogecoin and BNB trend among traders

• Bitcoin trades sideways under $67,000 early on Wednesday, as BlackRock BTC ETF inflows are shadowed by Ether. 
• Ethereum gears to test $3,500 resistance, extends gains by nearly 2%. 
• XRP rallies 4%, hits $0.65 as Ripple holders await lawsuit ruling. 

Bitcoin, Ethereum, XRP update

• Bitcoin trades under $67,000 as traders expect volatility in response to the US macroeconomic events this week. BlackRock’s Bitcoin ETF (IBIT) noted $40 million less inflows compared to Ethereum (ETHA), on Tuesday. Institutional demand is likely shifting towards Ethereum.
• Ethereum trumps Bitcoin in BlackRock ETF inflow, eyes double-digit gains
• Ethereum makes steady gains towards $3,500 resistance, a 15% rally in the altcoin is likely as staked supply rises to 28% and exchange supply is 10%, per Glassnode data. Ether trades at $3,300 early on Tuesday. 
• XRP rallies past $0.65 resistance as the altcoin extends gains by 4%. US Securities and Exchange Commission (SEC) vs. Ripple lawsuit ruling anticipated by traders. 

Chart of the day

KAS/USDT daily chart

Kaspa (KAS) hit a new all-time high at $0.2064, early on Wednesday. The token has rallied between 37% and 40% on two previous instances, in a similar set-up as seen on the KAS/USDT daily chart. If the trend continues, KAS could extend gains to its target of $0.25. 

KAS could find support at $0.1837 and the Fair Value Gaps (FVGs) marked in green in the above price chart. 

The Moving Average Convergence Divergence (MACD) indicator supports KAS’s recent gains as the MACD line crosses above the signal line and green histogram bars appear above the neutral line. It shows there is underlying positive momentum in Kaspa’s price trend. 

Market update

• TON, PENDLE, ONDO and ARB rank among top 10 protocols in terms of new token holders added in the past week. 

• Decentralized perpetual exchange GMX announced a new market on Arbitrum, an Ethereum Layer 2 chain. The exchange called traders and liquidity providers to earn collateral on GMX while awaiting an opportunity to trade. 

• El Salvador proposed the use of Bitcoin to trade with Russia, the country hopes to strengthen global economic ties, per a Bitcoin News report. 
• Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB) are trending among users, per data from CryptoDiffer.

Industry update

• Shiba Inu team expects higher SHIB burn rate through adoption of its Play to Earn game. Marketing executive Lucie dropped the details in an official tweet on X:

• The University of Wyoming has launched a Bitcoin research institute and intends to produce peer-reviewed publications. This could drive crypto awareness among the masses. 
• Ripple developers announced a new release for rippled 2.2.1. The core software update fixes two minor bugs and the team asked XRP Ledger server operators to upgrade to the new version at the earliest. 

 

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