The crypto market remains under pressure, but Ethereum shows bullish signs as open interest rises, while XRP faces challenges.
Ethereum Open Interest Signals Bullish Momentum
Ethereum's price shows resilience amid a broader market downturn. ETH is trading at $2,789.12, marking a 2.21% increase in 24 hours, contrasting with Bitcoin's 1.36% decline. A key factor is the increase in open interest in futures markets. Data from Coinglass reveals that Ethereum's open interest has risen by 1.33% in the last 24 hours, with 8.57 million ETH ($23.94 billion) locked in futures contracts. This uptick implies growing trader confidence and could lead to Ethereum's decoupling from Bitcoin, potentially reaching $3,000.
XRP Bears Dominate, SUI Challenges AVAX
While Ethereum gains momentum, XRP continues to struggle, dropping 5% to $2,397. Despite its perceived strength, the competition between SUI and AVAX intensifies. SUI trades at $3.349, down 6.66%, and Avalanche is priced at $25.98, down 1.72%. With a market cap difference of just $340 million, SUI has a real chance of overtaking AVAX. Recent all-time highs position SUI as a potential contender to surpass AVAX soon.
Will ETH and XRP Lead the Next Altcoin Rebound?
Ethereum and XRP, as two of the largest altcoins by market cap, might lead the next crypto market recovery. Despite recent bearish trends, XRP maintains strong fundamentals that could trigger a surge. Companies like CoinShares, 21Shares, and Grayscale are advocating for an XRP ETF in the U.S. If approved, it could boost institutional adoption and lead to a long-term bullish trend.
While the market pressures persist, Ethereum shows strength, SUI challenges AVAX, and XRP's ETF discussion unfolds, potentially sparking an altcoin market recovery.
