Key Insights:
After making a new ATH, Bitcoin dips to $103.5k at press time.
Ethereum and other altcoins saw decent corrections in the last 24 hours.
Ripple launched RLUSD stablecoin which is now available on global exchanges.
Democrat Caroline Crenshaw's reappointment as the Senate revoked the SEC commissioner.
Crypto markets have seen sight corrections today after markets attained new ATHs in both of the last two days. Bitcoin's new ATH is now at $107.3k.
Bitcoin Price Trend This Week
However, the same couldn't be said for Ethereum which saw a consistent bearishness in its price despite the ongoing market rally. Still, experts are confident that ETH will achieve $15k price targets within 2025. At press time, ETH was trading at $3,840.
The top three altcoins, XRP, SOL, and BNB, saw minor corrections, too, with losses of 1.3%, 0.65%, and 1%, respectively in the last hour at press time. Ripple had seen some bullishness this week due to the launch of its stablecoin RLUSD.
Memecoins now see an increased price fall, with DOGE losing 3.8% and SHIB losing 4.3% in the last 24 hours. Other memecoins like BONK, POPCAT and WIF also saw similar losses.
Among AI and RWA coins, every other token saw major losses last week and in the last 24 hours except VIRTUAL, an AI agent platform. The Virtuals Protocol had gained 70% in the last 7 days and 7570% in the last 90 days.
The current markets have shown a peculiar trend due to the entry of corporate whales into Bitcoin, which has led to a one-sided rise of BTC and an ignoring of the broader markets.
The overall market cap has dipped from $3.79 trillion (ATH) to $3.67 trillion, with most of the support coming from Bitcoin, whose dominance has risen to 56.5% from 53.9% a week earlier. Ethereum's market dominance decreased from 13% to 12.7% in the same period.
Yesterday, Ripple launched the RLUSD stablecoin on global exchanges. The stablecoin was launched on both Ripple's XRPL and Ethereum to bridge liquidity from the latter to the former. RLUSD is primarily to be used as a settlement mechanism for Ripple's cross-border transfer services, which several finance giants are reportedly using.
Former SEC Commissioner Caroline Crenshaw
SEC
Democrat congresswoman Caroline Crenshaw was denied an SEC reappointment that could lead to a 4-1 Republican domination of the regulator's top board.
As per the SEC Act, an appointment for a commissioner in SEC has to be confirmed by the Senate, where the Republicans hold the majority. The SEC is expected to play a major role in fulfilling Donald Trump's election promises that played a critical part in his re-election.
Bitcoin ETFs continue to outshine. Tuesday saw net ETF inflows of $486 million with the largest gainer being IBIT at $733 million and the second gainer was HODL at $3 million. All other ETFs saw outflows, with the largest outflow of $138 million from FBTC.
On the other hand Ethereum ETFs saw $144 million in inflows. Despite a net positive inflow seen by Ethereum ETFs this month, the price of Ethereum continues to lag as retail ownership drops.
Crypto market sentiments have now reached the level of 80, signaling extreme bullishness.
Crypto Fear and Greed Index
CoinMarketCap
Much of this bullishness is caused primarily by Bitcoin, which is seeing an ever-increasing interest from corporates. After MicroStrategy's wild success, other crypto-native companies like Metaplanet, Marathon Holdings, and Riot Platforms started purchasing Bitcoin via debt financing.
Altcoin Index Dips to 55
CoinMarketCap
However, the altcoin index has dipped to 55 from 85 last week. As mentioned earlier, this was due to Bitcoin's rise this week and the simultaneous corrections in the altcoin markets.
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