The cryptocurrency market witnessed positive activity today, Tuesday, as the majority of currencies rose, supported by a combination of factors including regulatory developments in the United States and the potential launch of new investment products. This increase followed a period of relative market volatility, suggesting a potential return of risk appetite among investors.
Bitcoin Maintains Its Lead while Ethereum Leads the Gains: Bitcoin maintained its position as the largest cryptocurrency by market capitalization, recording a slight increase of 0.25% to reach a level of $95,060.79. Bitcoin continues to dominate the market, representing approximately 63.25% of the total market capitalization of cryptocurrencies.
Conversely, Ethereum, the second-largest cryptocurrency, led the upward trend among major currencies, rising significantly by 1.8% to reach $1,830.38, reflecting growing investor interest in Ethereum and its technical capabilities, especially with ongoing developments in its network and decentralized applications.
As for Ripple (XRP), its value stabilized at around $2.288, despite positive news regarding regulatory approval for funds tracking its performance.
The total market capitalization of cryptocurrencies worldwide reached $2.98 trillion, with the total trading volume over the past 24 hours being $87.51 billion, marking a strong increase of 30.6% compared to the previous day.
Regulatory Approval Supports Ripple and Upcoming Launch of Coinbase Fund: One of the main factors supporting positive sentiment in the market is the regulatory approval obtained by "ProShares" in the United States to launch three new exchange-traded funds (ETFs) that track the performance of Ripple.
Additionally, the market is anticipating the launch of "Coinbase Bitcoin Yield" by Coinbase on May 1, targeting non-U.S. institutional investors and providing them with a new investment product designed to generate returns on their Bitcoin investments through lending or storage mechanisms.
Coinbase aims for a net annual return ranging between 4% and 8%, with a unique feature of paying out returns in Bitcoin itself, which could attract institutions looking to effectively increase their Bitcoin holdings.
