As Bitcoin’s price continues to soar and spot ETF volumes reach new highs, Ripple CEO Brad Garlinghouse has highlighted the importance of real-world utility in driving the crypto market’s bullish momentum.
In a recent post on X, Garlinghouse pointed out that spot Bitcoin ETF volumes have been surging, signalling increased institutional interest in the cryptocurrency. He also noted that Bitcoin is due for a halving, a process that reduces the reward for mining new blocks by half, historically leading to significant price rallies.
BTC ETF volumes have been soaring, we’re due for a halving and the broader crypto market is following BTC’s lead (as has historically been the case). As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with…
— Brad Garlinghouse (@bgarlinghouse) March 11, 2024
Bitcoin’s Bullish Momentum and ETF Volumes
Garlinghouse’s comments come as Bitcoin’s price recently reached new all-time highs, surpassing $73,000. The surge in Bitcoin’s price has been accompanied by a significant increase in ETF volumes, with the total volume of Bitcoin ETFs reaching $8.06 billion. BlackRock’s iShares Bitcoin Trust (IBIT), one of the newly launched ETFs, has seen the highest investment volume, with $3.07 billion.
Garlinghouse emphasized practical utility’s significance in influencing the cryptocurrency market’s positive sentiment. Having witnessed several cycles of “crypto is back,” he highlighted the critical need for this positive sentiment to be substantiated by practical applications. According to Garlinghouse, the bullish trend in the crypto market must be accompanied by real-world utility, as this represents the genuine and inevitable progression of the industry.
Ripple’s XRP Price Analysis
XRP volume has surged by a remarkable 300% in the past 24 hours, as reported by CoinGlass data. This spike in trading has driven the turnover of XRP-related derivatives in the crypto market to $8.75 billion, with a significant 25.71% rise in open interest, reaching $1 billion.
The surge in XRP’s price followed Bitcoin’s trajectory, with the altcoin breaking above multiple resistance levels on the daily chart. Surprisingly, the increase in trading volume extends beyond futures and derivatives. XRP has seen a spot trading volume of $7.66 billion, pushing it to sixth place among the top 100 crypto assets by spot trading volume. As a result, XRP’s total turnover in both spot and futures markets now stands at a significant $16.41 billion.
The increase in trading volume aligns with a significant rise in XRP’s price, which has climbed nearly 16% since the start of the week, even though it is only Tuesday. Currently, XRP is priced at $0.64, indicating strong bullish sentiment toward the cryptocurrency. The remarkable surge in trading volume and substantial price increase highlight the increasing prominence and investor confidence in XRP. As market conditions evolve, attention remains focused on the impressive performance of this digital asset.
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