Amid a roller coaster of emotions in the recent past, the crypto market has entered a fresh new phase of bullish speculations. The Bitcoin’s (BTC) fear and greed index surged to 65 percent on Tuesday, signaling crowd greed and heightened fear of missing out (FOMO). This increase in bullish sentiment has been further supported by the rising crypto buying pressure observed within the market.
One of the key indicators of this increased buying pressure is the recent minting of 1 billion USDT on the Tron network by leading stablecoins issuer Tether. This move has contributed to the overall increase in buying pressure within the market. Furthermore, on-chain data shows that long-term crypto holders have been accelerating their accumulation pace in the recent past, indicating a strong bullish sentiment among investors.
In addition to this, US spot BTC ETFs have seen over $1.5 billion in cash inflows in the past two weeks, highlighting the growing interest in cryptocurrencies among institutional investors. Moreover, the altcoin industry has witnessed a significant surge in on-chain activities, especially with reports of the upcoming listing of spot Ethereum ETFs in the United States next week. These developments have created a positive outlook for the altcoin market, prompting investors to consider potential investment opportunities.
One of the top altcoins that investors should consider buying this week is XRP. Speculations surrounding the anticipated settlement between the U.S. SEC and Ripple Labs in the ongoing lawsuit have significantly increased interest in XRP price action. According to on-chain data analysis conducted by Santiment, XRP has experienced a notable spike in FOMO, with its underlying value increasing by over 20 percent in the past five days. As of the latest report, XRP's price is around 54 cents, with a market dominance of about 1.33 percent. From a technical standpoint, XRP's price against the US dollar in the weekly time frame must regain the 50 and 200 Moving Averages (MA) as a support level to secure a rally towards the next range between 58 cents and 60 cents.
Another altcoin that investors should keep an eye on this week is Litecoin (LTC). The price of Litecoin has surged by over 20 percent in the past two weeks, reaching above $71 on Tuesday. This price hike has been driven by heightened whales' on-chain activity and the growing interest from FOMO traders. Similar to XRP, Litecoin's price must close above the weekly 50 and 200 Moving Averages (MAs) to invalidate the bearish sentiment that has persisted over the past four months.
In conclusion, the recent developments in the crypto market have created a favorable environment for investors looking to capitalize on potential investment opportunities. The increased buying pressure, coupled with positive price action observed in altcoins like XRP and Litecoin, indicates a growing bullish sentiment within the market. It is crucial for investors to conduct thorough research and analysis before making any investment decisions, taking into account the volatile nature of the crypto market. By staying informed and monitoring key indicators, investors can position themselves to take advantage of the current market trends and potentially benefit from the bullish speculations in the coming weeks.
