Over the past 24 hours, the crypto market has seen a 1.33% rise, recovering from a 19.85% decline over the past month. This bounce results from technical factors, including oversold conditions and institutional moves that have countered ETF outflows.
Major cryptocurrencies such as BTC, ETH, XRP, DOGE, and SOL have all put up a small recovery, as they are now stabilizing above significant support points.
A week of bearishness has been followed by some indications of the market recovering, and analysts are questioning whether there will be a greater rally in the future.
Bitcoin Price Eyes $90K After Rebound
Bitcoin price rose by 1% to $87,737 over the last 24 hours, diverging from its recent downtrend of -2% over the past week and -21% over the last month.
This recovery is consistent with a larger 1.77% rise in the crypto market, which is being propelled by an increase in expectations of a Fed rate cut, which has increased risk assets.
In the meantime, the statistics indicate that there was a 0.47% growth in the number of wallets with at least 100 BTC since November 11, and smaller wallets are getting smaller, which is an indication of the possible retail capitulation.
Ethereum Price Shows Strong Recovery, Eyes $3,000 Mark
Ethereum price surged 2.8% in the past 24 hours, now trading at $2,902 after a brief recovery. A bullish technical outlook and an RSI divergence run towards a declining downward momentum are encouraging the cryptocurrency to cross the resistance at 3,000.
As the support levels remain at an equal level of about $2,590, the momentum of the bullish trend among Ethereum increases. The inflows at BlackRock also increase confidence as the crypto market is recovering.
XRP Price Surge Fueled by ETF Inflows
XRP has also experienced a significant increase, and the price of the currency has now grown to over $2.2, after the major recovery. The cryptocurrency is also among the best-performing gainers in the current market, as it is up more than 6%.
This bullish trend is an improvement with a recent decline, and this time because of a big surge of capital of 164 million into newly introduced spot ETFs, the second-largest inflow since the inception of the funds.
As analysts hint, XRP can also experience additional growth, and the investor confidence can increase as a result of the successful ETF performance.
Dogecoin and Solana Rebound as ETFs Surge
Dogecoin (DOGE) and Solana (SOL) have seen a modest rebound, with Dogecoin climbing 2.19% in the last 24 hours to $0.1486.
Meanwhile, the Solana price rose by 4.87% to $136. Franklin Crypto Index ETF has included Dogecoin and Solana in its portfolio, which increases the exposure of investors.
Also, Grayscale introduced the first U.S. Dogecoin ETF on November 25, the Grayscale Investments Grayscale Dogecoin ETF. There were also large inflows of Solana ETFs, recording a record $39.5 million. Analysts suggest the market could continue recovering.
What Next for Crypto Market?
To sum up, the crypto market is also stabilizing, with a temporary decline, which is supported by institutions and inflows through the ETF. Bitcoin, Ethereum, XRP, among other mainstream coins, are on a positive trend. These trends may continue, and an even more significant recovery may be in sight.
Source: https://coingape.com/markets/crypto-market-surges-today-is-a-bigger-recovery-coming-next/
