Ripple (XRP) and Solana (SOL) are Among the Top-Trending Cryptocurrencies Lately: Details
TL;DR
- BTC, XRP, and SOL are some of the top-trending digital currencies recently due to important factors that have sparked heated discussions.
- Other widely-discussed tokens as of late include Ethereum (ETH), Chainlink (LINK), and others.
These are the Leaders
The cryptocurrency market has passed through enhanced volatility in the past few days, affecting investor sentiment.
Bitcoin (BTC), for one, reached a price of almost $70,000 on July 29 before plummeting below $66,000 the following day and currently trading around $66,300 (CoinGecko’s data). The correction was followed by the news that the US government had moved $2 billion worth of its BTC holdings to another address (possibly preparing for a sale).
According to the crypto market intelligence platform Santiment, the transfer has been widely discussed in the space, becoming one reason why Bitcoin has recently become the top-trending cryptocurrency.
Another factor is likely Donald Trump’s speech during the Bitcoin 2024 conference in Nashville. The presidential candidate from the Republican party said he wants the United States to become the crypto capital of the world and establish a national strategic reserve of the leading digital asset.
The popular altcoins Ripple (XRP) and Solana (SOL) have also made it to the list of top-trending tokens. Discussions with the former are mainly centered on its impressive market performance in the past few days and the ongoing battle between Ripple and the US SEC. Earlier today (July 31), XRP’s price tapped a four-month high of almost $0.66, while currently, it is hovering at the $0.64 mark.
“Solana is trending in the given texts due to discussions about investors flocking back to Solana, the possibility of a Solana ETF, and a new cryptocurrency turning heads,” Santiment concluded.
Other digital currencies part of the club include Compound (COMP), Chainlink (LINK), Casper (CSPR), Ethereum (ETH), and eCash (XEC).
Big Day Ahead for BTC?
It is worth mentioning that discussions surrounding the primary cryptocurrency may increase even more in the following hours due to the upcoming Federal Market Open Committee meeting scheduled for today.
The central bank of the US will touch upon several key topics, with interest rates being on the agenda. Lowering the benchmark is generally considered bullish for the cryptocurrency market, particularly BTC, since it makes money-borrowing cheaper and could boost the interest in risk-on assets.
However, a pivot this week remains highly unlikely, with most experts predicting such a move in September, assuming inflation cools off a bit more.
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