Altcoins suddenly rebounded Tuesday after a high sale in the previous 48 hours, traders entering lower prices to reintegrate the market.
XRP has led recovery, winning 6% in the last 24 hours. Solana (soil) and Dogecoin (Doge) each climbed approximately 4.5%, while Ethereum (ETH) added 5% over the same period. The interest open through these tokens has also checked above, signaling a renewed speculative activity. XRP stood out once again, its open interest increasing by 4.2% in the last day.
The increase comes when the CME group announced Tuesday earlier that its Crypto Futures suite exceeded $ 30 billion in open interest for the first time. Sol and XRP term contracts have each crossed the billions of dollars, XRP becoming the fastest contract to reach this level, by doing a little more than three months. Analysts see this step as proof of market maturity and increasing institutional participation in cryptographic derivatives, not to mention the type of interest that an ETF XRP can generate.
“I think people could underestimate the request for ETF XRP Spot,” wrote the expert ETF Nate Geraci.
The wider market has also strengthened, the Coindesk 20 index (CD20) up 3.6% on Tuesday. Bitcoin (BTC) has been late, only winning approximately 1%, but crossed the bar of $ 111,000 after dropping $ 109,000 at a time earlier.
Bitcoin and Ether reached record heights earlier this month, raised by the expectations of monetary easing and the increase in institutional demand. However, the feeling can be too hot, depending on the blockchain health analysis company. In a report published on Sunday, the company warned that optimism around a potential decrease in federal reserve rate in September has reached levels that often precede corrections.
“Although optimism concerning a drop in rate fuels the market, social data suggests that caution is justified,” said Santiment, highlighting an online chatter around the Fed decision. The company has warned that if expectations of relaxation do not materialize, the market could see a “quick correction”.
Merchants are now looking at the Liberation of Friday of the price index of personal consumer expenditure (PCE) as a key signal for the next move of the Fed.
