XRP Surpasses Bitcoin and Ethereum in Crypto Market Rally
Crypto markets are on the rise as XRP leads the charge, posting a 13.6% daily gain to $1.39 and extending its weekly increase to nearly 40%. This outperforms both Bitcoin and Ethereum, with Bitcoin climbing 7.2% to $77,393.67 and Ethereum rising 4.6% to $2,403.59.
The total crypto market capitalization has reached approximately $2.68 trillion, with a 24-hour trading volume of $163.7 billion. Other major tokens such as Solana and Hyperliquid are also advancing, with Solana up 5.2% to $91.55 and Hyperliquid up 5.9% to $76.45.
The rally has been accompanied by heavy losses for traders betting against the market, with short positions losing $3.787 billion over four days compared to $687 million in losses for long positions. The largest single liquidation window occurred on August 19, when $941 million in short positions were closed within four hours.
Historical data suggests that after a five-sigma move to the upside, Bitcoin's median returns are 4.8% after one week, 11.8% after one month, 15.1% after three months, and 84% after six months. However, experts also flag important technical levels for Bitcoin, including resistance near $80,000 and potential support around $72,000.