Here is a brief summary of some of the most noteworthy crypto market updates reported by CoinGape Media in the past week.
The crypto world has completed another week, with fascinating developments taking place across the entire industry. BTC (BTC) continued to rise, setting a new high this week. At the same time, Ripple's XRP attracted significant market attention, recording impressive gains. Following Donald Trump's re-election as US President, the broader market continued to capitalize on investors' optimistic sentiment. Here is a brief summary of some of the key crypto market headlines that have significantly impacted investor sentiment over the past seven days.
BTC Sets New Highs in the Crypto Bull Market
This week, the price of Bitcoin reached a new high of around $100,000, echoing the widespread discussion in the industry. Notably, this flagship token has risen by around 10% in the past week, reaching a record high of $99,655. Driven by this bullish trend following the US election, Robert Kiyosaki, the author of "Rich Dad Poor Dad," made a bold prediction that the token's price could reach $13 million.
Meanwhile, institutional investors' interest has also been growing in the crypto bull market, highlighting the potential for further upside. As market interest heats up, biopharmaceutical company Hoth Therapeutics has advanced its BTC purchase plan, sparking more optimism about cryptocurrencies.
Additionally, Bitcoin miner MARA completed a $1 billion private placement this week, with a portion of the proceeds to be used to purchase more BTC. Overall, this flagship token faced significant buying pressure this week, paving the way for a bullish future trajectory.
Ripple's XRP Attracts Attention
On the other hand, the price of XRP has risen by 40% in the past week, with investors' optimistic sentiment being reinforced against the backdrop of the digital asset industry's bullish trend. Notably, XRP whales accumulated tokens worth nearly $526 million this week, suggesting that this Ripple-backed token may see further upside. Veteran trader Peter Brandt predicted that a parabolic rally in cryptocurrencies is imminent in this bullish trend.
Furthermore, Ripple CEO Brad Garlinghouse expressed a bullish sentiment on XRP, stating that the SEC lawsuit may be resolved, largely thanks to the new US Treasury Secretary, Scott Bessent. Meanwhile, in the Ripple vs. SEC lawsuit, the regulator and FINRA are attempting to make a "digital asset security" claim, which is happening against the backdrop of XRP reaching $1, with speculation that the target price for XRP could reach $2 after SEC Chairman Garu Gensler steps down.
Overall, these market updates have generated enthusiasm among investors for future actions in the crypto realm, with market observers also maintaining an optimistic outlook.
