The cryptocurrency market displayed mixed signals, with XRP emerging as a standout performer while Ethereum struggled under selling pressure. The overall market cap rose slightly to $3.32 trillion, reflecting cautious optimism.

XRP Reaches 2021 Highs

XRP surged to $1.64, its highest level since 2021, marking a 9% gain for the day. Despite the rally, the token struggled to close above $1.60, leaving traders eyeing its historical peak of $3.3. Market watchers suggest potential gains if SEC regulatory clarity materialises, though surpassing historic highs remains a challenge.

Bitcoin maintained a narrow trading range of $92-100K, hovering near $97K on Friday. Reduced liquidity due to a US holiday limited volatility, leaving the market waiting for a breakout to set the medium-term direction. Indicators, however, hint at a bullish phase targeting $146K, according to CryptoQuant.

Ethereum Dips Amid Altcoin Rotation

Ethereum dropped 3% from its recent peak, trading near $3,700. Analysts at QCP Capital noted a shift in capital from Bitcoin to altcoins, evidenced by a 9.7% rise in the ETH/BTC pair this week. However, significant ETH sales by co-founder Jeffrey Wilke—20,000 ETH (~$72.5 million)—on Kraken dampened investor sentiment.

Stablecoins and Institutional Moves

The stablecoin market hit a new record capitalisation of $191.5 billion, highlighting their growing role in global trade and cross-border payments. Meanwhile, MARA Holdings purchased 6,474 BTC worth $618 million, bringing their reserves to 34,794 BTC (~$3.3 billion). The mayor of Vancouver also revealed plans to integrate Bitcoin into the city’s financial strategy, signalling increasing institutional adoption.

While XRP’s gains inspire optimism, Ethereum’s selling pressure and Bitcoin’s stagnation underline a complex market landscape. Upcoming regulatory developments and institutional movements could define the crypto market’s trajectory in the months ahead.