Coinspeaker
BTC, SOL and XRP in Recovery Mode as Sentiment Flips
The crypto market flopped at the beginning of this month, causing the prices of several digital assets to plunge. During the market dip, BTC reached under $50,000, causing a shakeup among investors and traders. Gradually, however, some of these crypto assets, including Bitcoin (BTC), Solana (SOL), and XRP, have entered a recovery mode.
Bitcoin to Stay Above $60K
The flagship cryptocurrency has rebounded in less than three weeks. In the early hours of Tuesday, the coin jumped over $61,000, but the market has fluctuated since then. According to CoinMarketCap data, BTC is trading at $60,813.20 after gaining 3.87% in the last 24 hours.
Blockchain analytics platform Santiment shared a chart on X showing that crowd sentiment has been flipping more and more bullish for most top coins. This is “since the August 5th bottom, and BTC +19% since that fear-causing crash.” Some experts and market observers have placed high odds on Bitcoin’s capacity to remain above $60,000 this week.
📊 Crypto is showing signs of recovery, with Bitcoin rebounding to as high as $61.3K today. The crowd sentiment has been flipping more and more bullish for most top caps since the August 5th bottom, and BTC +19% since that fear-causing crash. 👍 pic.twitter.com/giuRmtgX5o
— Santiment (@santimentfeed) August 20, 2024
Noteworthy, the rebound in BTC price coincided with the period when the United States spot Bitcoin ETFs recorded their second-highest inflow activity for August. The investment fund saw up to $61 million in net inflows, marking the closest to the $192 million from August 8, per data from SoSoValue. Top investment asset management firm BlackRock led the group with a total inflow of $92 million.
On the other hand, Bitwise’s BITB saw outflows worth $25 million.
Brazil’s Positive Sentiment Towards SOL ETFs
XRP and SOL have equally rebounded, showing a price gain of about 7% and 4%, respectively. At the time of this writing, XRP traded at $0.6107, corresponding to 7% growth within the last 24 hours. Similarly, SOL’s price rested at $146.31 after registering a 4.6% gain in 24 hours. These crypto assets could either register more price gain or head further below their current support level.
More than a week ago, the Brazilian Securities and Exchange Commission, otherwise referred to as CVM, approved Solana ETFs in the region. Following this event, the SOL price flipped over, reclaiming the daily 50 and 200 Moving Averages (MAs) as a support level. SOL jumped over Binance native coin BNB as the fourth largest crypto by market cap.
The same sentiment is expected if the US SEC also considers the spot Solana ETF filings made by VanEck and 21Shares. In other words, SOL could see more price gain if it successfully gets approved as an ETF in the US. It is still being determined how possible it is to get such approval, especially after both Solana ETT filings went missing from CBOE website last week.
