Key Insights
- The crypto market has been consolidating so far, with Bitcoin remaining resilient.
- Despite Bitcoin’s resilience, the altcoin market has been shaky with mainstream tokens emerging as winners and losers equally on major timeframes.
- XRP could be in for a ride downwards in price, especially with its approach of the $2.81 price level.
- Pi Network’s statistics have been encouraging so far, with all roads leading towards a possible launch soon.
The crypto market continues to make big moves under the hood, with some of the most significant events occurring this week.
Bitcoin has been consolidating so far, leaving the altcoin market to face mixed outcomes.
XRP in particular has surprised investors with an insane volatility spike, just as Pi Network inches closer to delivering on its long-awaited promises.
Here’s everything to know about the current market and the latest crypto trends.
Bitcoin Leads with Weekly ETF Inflows of $1.24 Billion
Despite enduring a minor dip in total market cap to the $3,59 trillion mark, Bitcoin continues to stand out from the rest.
Its price action has been bolstered by an impressive $1.24 billion increase in weekly ETF inflows.
CoinMarketCap data shows that the price has remained steady so far, even despite declining by around $0.24 over the last 24 hours to the $104,698.70 zone.
The ETF inflows not only helped the flagship cryptocurrency to maintain its dominance at around 57.84%, it also positioned the cryptocurrency as a source of stability in an otherwise cautious market.
However, despite this resilience, trading volumes have dipped by around 52.70% in 24 hours to $47.66 billion.
The fear and greed index also shows a reading of 61, which indicates that market participants are cautiously greedy and could be buying more of the cryptocurrency.
On the altcoin side of the field, the market showed a varied performance over the last 24 hours, with key players like Ethereum and Solana seeing price declines.
Ethereum fell by 0.72% to $3,301.58, while Solana fell by 1.61% to $250.65, leaving XRP with a 1.20% plunge to $3.12.
On the brighter side, some altcoins outperformed including Gate Token with a 10% surge, Litecoin with 7.63% and ONDO with 6%.
XRP Breaks Records with Volatility
XRP has also been a major player, with an interesting bit of price action over the last 24 hours.
The cryptocurrency is currently experiencing a decline below the $3.2 price level, as highlighted by the Fibonacci retracement level illustrated below:
This undoubtedly means that the cryptocurrency is strongly under market influences, and could be prone to a correction towards $2.9.
However on the bright side, the only invalidation of XRP’s price bullishness would be a break below the previous local low around $2.81.
In essence, XRP could take a while longer to rebound from its ongoing slump and target the $5 mark, but this spike is incoming nonetheless.
It is also worth mentioning that the price of XRP has surged by nearly 500% over the last few months, before hitting its all time high of around $3.3.
Bulls believe that this might have been because of the pend-up energy from its years of consolidation under the SEC lawsuits.
Ultimately, investors should watch out for what happens between the $2.9 and $2.81 price levels for XRP.
Pi Network Nears Milestone Amid User Frustrations
The mobile-first crypto project known as Pi also continues to make waves across the market, even with the ongoing price sluggishness.
This project promised energy-efficient mining and has yet to launch the mainnet version of its official Pi Token.
After six years of development, recent updates now show that over 9 million users have successfully migrated to the Pi mainnet, out of the 15 million required to trigger the open network launch.
Users so far, have reported difficulties with the Know Your Customer (KYC) verification process and have prompted the development team to swing into full gear.
Pi Network has so far remained widely popular, especially in Asia.
Reports show that in South Korea alone, the platform now boasts around 1.34 million users—which far outnumbers the number of Binance and Coinbase clients.
Pi network’s presence on Social media has also been encouraging, with the platform boasting over 3.5 million followers on X.
This number is more than that of established players in the blockchain space like Ripple, and shows the increasing traction that Pi coin is gaining.