Amidst geopolitical tensions between Israel and Iran, altcoins like Solana and XRP have surprisingly drawn investor attention due to their recent achievements.
Solana: Rising Open Interest
The SOL token has hit an open interest level of $7.4 billion, indicating growing institutional interest. However, volumes on decentralized exchanges for Solana have dropped to $10.5 billion per week, significantly down from last month. Anticipations are tied to potential ETF approvals for SOL by US regulators.
XRP: A Surprise Rally
XRP surged 10% over the weekend, driven by its inclusion in the Nasdaq Crypto Settlement Price Index. Additionally, Ripple launched its proprietary stablecoin, RLUSD, covering 90% of the forex market. This move aligns with the company's ambitions to replace the SWIFT system with instant settlements.
Interconnection and New Opportunities
Solana and XRP exhibit a similar dynamic as altcoins evolving in the shadows of dominant BTC and ETH. According to Ryan Lee, chief analyst at Bitget Research, interest from institutional investors in XRP is growing due to enhanced regulatory clarity and strong demand. These tokens also present arbitrage opportunities, which attract investor attention.
The cryptocurrency market remains influenced by external factors; however, altcoins like Solana and XRP continue to attract attention due to their achievements, arbitrage opportunities, and expectations for potential ETFs.
