Real-World Use Crucial as Spot Bitcoin ETFs and XRP Trading Volume Skyrocket; Ripple CEO Garlinghouse
As Bitcoins 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 markets 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.
Bitcoins Bullish Momentum and ETF Volumes
Garlinghouses comments come as Bitcoins price recently reached new all-time highs, surpassing $73,000. The surge in Bitcoins price has been accompanied by a significant increase in ETF volumes, with the total volume of Bitcoin ETFs reaching $8.06 billion. BlackRocks iShares Bitcoin Trust (IBIT), one of the newly launched ETFs, has seen the highest investment volume, with $3.07 billion.
Garlinghouse emphasized practical utilitys significance in influencing the cryptocurrency markets 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.
Ripples 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 XRPs price followed Bitcoins 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, XRPs 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 XRPs 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.
Text source: ZyCrypto
