WMA: Bitcoin Rejected Again At $60K But Altcoins Record Historic Gains

Ripple’s XRP continues to recover after one of the worst periods in its history. This time, it’s all due to the minor wins in the ongoing lawsuit with SEC over money-laundering accusations. A few days ago, Judge Netburn ordered the SEC to withdraw its six subpoenas sent to banks requesting personal financial information from Ripple executives.

The news was enough to boost investors’ trust in XRP. As a result, Ripple’s coin registered a record 136% increase in value. More than that, after being close to exiting the Top-10 cryptos by market cap, XRP jumped straight to the fourth position in the table.

XRP has recently trading at around $1.40. It’s been more than three years since XRP traded at this price. So, there is plenty of optimism about where Ripple’s coin can go from here. The future unraveling of the SEC lawsuit should dictate its trajectory.

While XRP registered a massive win, it still couldn’t overcome Binance Coin on the third position in the market cap table. Binance’s coin has been riding high on a 40% increase in value over the past seven days. Also, it set a new ATH at $487.28 on Saturday. Recently BNB has been trading at around $470.

Other altcoins that registered important gains include Litecoin (LTC-X) with a 28% increase and Stellar (XLM-X) with a 48% value boost. The latter even managed to enter the Top-10, overcoming altcoins like Chainlink (LINK-X) and THETA.

Elsewhere, the DeFi sector recorded another fruitful week by adding more than $3 billion to the total value protocols (TVL), which now stands at nearly $51.55 billion.

What’s in the News?

  • Seven-time Super Bowl Champion Tom Brady plans to launch an NFT platform, according to this report.
  • A new study by IDC Spain and REALSEC shows that 11% of businesses operating in Spain use blockchain technology.
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Charles Howard 1 month ago Member's comment

OK, I give up, what does WMA stand for? It's not weighted moving average; it doesn't seem to be WeeMarketplaceAccess Token (which is the crypto context); and nowhere on your site does it ever say this is your own cute 'weekly market analysis" or anything. Editors can you help me out here? Or do you not know either?

Crypto Adventure 1 month ago Author's comment

Hello 👋 It stands for Weekly Market Analysis:D