DOGE and SHIB Slump as Bitcoin Steady; XRP Surges on Tech Advancement

Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a decrease in value by 6% following a 25% rally in the previous week. This decline occurred as Bitcoin (BTC) remained steady above $71,500 on Tuesday. Other significant tokens like Ether (ETH), Solana’s SOL, Binance Chain’s BNB, and Cardano’s ADA did not witness significant fluctuations in the past 24 hours. XRP emerged as the top performer among major cryptocurrencies, experiencing a 10% rise in value within the same period. The surge in value may be attributed to a recent technical advancement aimed at improving application and service provision to users. The CoinDesk 20 Index (CD20), which tracks the performance of the 20 most substantial cryptocurrencies without accounting for stablecoins, increased by 0.73%. The recent influx of capital into Bitcoin spot ETFs surpassed $10 billion, which is the highest level recorded since these products became operational in January. According to reports, this trend may result in a “sell-side” liquidity crisis in the medium term should this pattern persist. Furthermore, Singapore-based trading company QCP Capital highlighted that the Bitcoin options market exhibited a positive indication for traders, noting that volatility remained extremely high for calls, especially in the later stages of the curve. However, the company cautioned against another washout resulting from elevated funding rates. Volatility refers to a dynamic metric that fluctuates based on activities in the options marketplace, while funding rates represent charges levied on leveraged traders by counterparties on the opposing side of trades. These fees can reveal either a bullish or bearish outlook on the market.