XRP surges about 30% in 2 days, breaking through $2.4
Altcoins rise following the surge in XRP
BTC rebounds amid the market shift, breaking through $96,000
Expert: "BTC may reach $150,000 this cycle"
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![[Coin Market Trend] Bullish sentiment as XRP surges](https://img.blockstreet.co.kr/photo/2024/12/02/20241202000006_0800.png)
XRP surged sharply in the morning based on the rapid increase in open interest in the futures market. According to data from the on-chain analysis platform CoinGlass, the open interest deposited through major exchanges increased by about 30% in a day, reaching around $4 billion (about 56,132 billion won).
XRP soared about 30% in the morning, approaching $2.5. XRP has surpassed Solana (SOL) and ranked 3rd in the total cryptocurrency market capitalization.
Coins related to XRP, such as Stellar Lumens (XLM), rose along with the surge in XRP, and many altcoins also rose.
In the bullish sentiment, Bitcoin (BTC) also broke out of its sluggish sideways movement and turned strongly bullish, breaking through $96,000.
◇Bitcoin = As of 4 pm on December 2 based on Upbit, the price of Bitcoin is 13,403 million won. Bitcoin's dominance is 56.65%.
According to the on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market was 50.68% and 49.32%, respectively.
Despite the prevailing bullish sentiment in the altcoin market, experts say it is still too early to say that Bitcoin has been broken.
Cryptocurrency expert 'Dan Crypto Trades' predicted that Bitcoin will break through $150,000, as the signals that were found before the bull markets in 2017 and 2021 have appeared again.
He explained that based on his method of determining fair market prices through buying and selling, Bitcoin is currently showing the signals that were found before the bull markets.
He said, "Bitcoin rose 1,600% in the 2017 bull market and 245% in the 2021 bull market," and "even if we halve the rate of increase, Bitcoin's price can still easily break through $150,000."
◇Rising Coins = As of 4 pm on December 2 based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was CreditCoin (CTC), which rose 21% on that day alone.
CreditCoin is a project that reduces information asymmetry between borrowers and lenders by publicly recording credit records. It aims to secure capital funding and build credit records to build trust with hundreds of millions of financially excluded customers and businesses in emerging markets.
◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 80 points, entering the 'Extreme Greed' stage. Extreme Greed is a stage of rising accompanied by high trading volume and strong volatility. It is considered a sell zone for institutions as the market is likely to exit at the top.
The Cryptocurrency Relative Strength Index (RSI) provided by Sygbit is 46.4, indicating a 'neutral' state. RSI measures the relative strength between the upward and downward pressure on the price of a specific asset, indicating the overbought and oversold levels of the asset.
