Bitcoin Surpasses $60,000: The Market Is On Fire

The crypto market is experiencing a new bullish phase, driven by encouraging signs of institutional adoption. Bitcoin surpasses $60,000, while Ethereum and XRP record more modest gains.

Bitcoin leading the market recovery

Bitcoin (BTC) had a remarkable performance this Tuesday, with an increase of more than 5% that propelled it beyond 60,000 dollars. This significant rise is largely explained by two key factors.

On one hand, the Bitcoin Spot ETFs recorded capital inflows for the third consecutive day, totaling 12.9 million dollars on Monday, according to SoSoValue data.

On the other hand, DBS, the largest bank in Singapore, announced its intention to soon launch options trading on Bitcoin and Ethereum, reinforcing the prospects of institutional adoption.

These developments show a renewed interest in digital assets from traditional investors, which could support the market’s bullish momentum in the short term. However, volatility remains high and investors must be cautious of potential corrections.

Ethereum and XRP, contrasting performances

Ethereum (ETH) shows an increase of more than 3%, trading above 2,300 dollars. This rise occurs in the context of a debate on the future of the Ethereum ecosystem, notably concerning the relationships between the main blockchain and layer 2 solutions.

Steven Goldfeder, co-founder of Offchain Labs, recently emphasized that layer 2 protocols do not compete with Ethereum, but rather help to strengthen its adoption and utility. This positive vision of the Ethereum ecosystem could support long-term investor confidence.

On the other hand, Ripple’s XRP records a modest increase of about 1%, approaching the key resistance at $0.60. John Deaton, a pro-XRP lawyer, recently criticized the US SEC, accusing it of causing significant losses to small investors through its regulatory actions.

In summary, despite the current positive trend, the crypto market needs sustainable catalysts to consolidate its recovery. The US elections in November and future Fed decisions will play a crucial role in defining the market direction. Investors must remain vigilant in the face of these macroeconomic factors that could significantly influence prices.