XRP hits 6 Year Highs in Post Election Bull Market

Bitcoin

BTC

PRICE (14D)

$157,480.00
(6.7%)

Ethereum

ETH

PRICE (14D)

$6,122.00
(9%)

Solana

SOL

PRICE (14D)

$362.50
(-2.5%)

Prices in AUD and as of 4:30pm AEDT on Dec. 12, 2024

Bitcoin Hits Fresh Highs After U.S. Central Bank Comments

BTC surpassed $100,000 USD ($157,000 AUD) for the first time last week, a continuation of the post-election momentum. This milestone was achieved just hours after Jerome Powell, the chair of the U.S. central bank, likened Bitcoin to gold during a summit in New York, as per the quote below.

“It’s just like gold, only it’s virtual, it’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold.”
Jerome Powell, Chair of the U.S. Federal Reserve

XRP Rises to Six-Year Highs

XRP (XRP) hit its highest price since January 2018 last week, the continuation of a rally that started after the U.S. election. The move comes as Ripple is preparing to launch its stablecoin, Ripple USD (RLUSD), which this week secured final approval from the New York State Department of Financial Services.

Very Similar Bull Market (So Far)

As per the chart below from _checkonchain, it has been 750 days since BTC’s cycle low of approximately $23,700 ($15,800 USD) on November 23, 2022. Since then, BTC has increased by approximately 540%, a similar percentage gain compared to the previous two market cycles at this stage since cycle lows.

Spot Ethereum ETFs See Influx of Demand

Demand for the recently launched spot Ethereum ETFs in the U.S. has noticeably increased after a lackluster opening few months. Similar to XRP above, the start of this move has coincided with the U.S. election result in early November.

Stablecoin Supply Hits New Heights

The combined market cap of all stablecoins continues to climb and is now at $325B ($207B USD). Such a trend indicates that more capital is coming ‘onchain’ and being used across the crypto ecosystem for reasons including payments, lending and saving.