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In the last trading week, the cryptocurrency market saw significant gains, driven by positive sentiment and key developments across various coins.
The rally saw a surge of over 116% before closing with an 81.93% gain, marking XRP's strongest performance in three years, driven by optimism surrounding Ripple’s legal battle with the U.S. SEC and the potential for a more favourable regulatory environment.
In my last report, I highlighted a liquidity-driven price forecast for Bitcoin, which is ascending to global reserve asset status as the best hedge against monetary debasement. This link with currency debasement has held up fairly well over Bitcoin’s short history.
Ethereum has experienced a strong rally, rising nearly 30% in the past week and reaching the US$3,300 level for the first time since July.
When Bitcoin breaks through an all-time high (ATH), it often enters a new phase of price discovery, where the market tries to find a new ceiling.
The 2021 bull cycle showed a clear pattern in Bitcoin dominance and total crypto market cap growth that could offer insights into what might happen if the market surges again.