Cryptocurrency Trio Rebounds After Selloff, but Was It Their Peak?

A week ago, Bitcoin (BTC), XRP, and Solana all experienced significant gains, surging over 10% in a single week. However, on September 24, they plummeted together, with XRP falling 6.9% and Bitcoin and Solana each dropping around 2%. The price of these cryptocurrencies has since rebounded.

The surge was largely driven by the closure of short positions, which forced investors to buy back the assets, pushing prices higher. Institutional investment also played a key role, with U.S. spot Bitcoin ETFs attracting $999 million on September 21 and another $715 million on September 22.

However, the drop on September 24 was attributed to the bond market, as the 5-year Treasury yield nearly reached 5%, making investors less likely to invest in interest-free cryptocurrencies. The price of Bitcoin fell from around $84,600 to about $83,600, while XRP dropped below $1.50.

Despite the drop, all three cryptocurrencies rebounded after the September 25 options expiry, with Bitcoin trading at $84,403, XRP at $1.55, and Solana at $117.