By Ethereum and XRP steals spotlight in daily gains after Bitcoin reclaimed $106k
While Bitcoin (BTC) reclaimed the $106,000 threshold after a 2% price increase in the past 24 hours, Ethereum (ETH) and XRP outperformed with 3.5% and 5% daily growth, respectively.
Bitcoin recently experienced an 8% correction since its all-time high of nearly $112,000 registered on May 22.
A recent report by Bitfinex attributed the correction to a court of appeal decision regarding a dispute on US import tariffs, which resulted in 30-year Treasury yields surpassing 5% for the first time in nearly 16 years.
Considering that a tariff-related decision hurt crypto prices, a recent pause on US tariffs directed at select Chinese goods until August 31 might be the cause behind today’s price increase.
The momentum was also reflected in other risk assets, as the S&P 500 is up 0.6% and the Nasdaq is up 0.8%.
Major altcoins outperforming
Ethereum capitalized on the recent tailwinds and reclaimed the $2,600 zone lost on May 30, following Bitcoin’s movement. At the current price of $2,622.60, ETH is up 89% since its yearly low of $1,385.51, registered on April 9.
While Bitcoin retraced slightly overnight toward $105,000 after peaking at $106,700, Ethereum has held onto its gains. Over the last week, Ethereum has gained 5.5% on Bitcoin.
Furthermore, Ethereum is experiencing significant interest from institutions. Last week, ETH-related funds led in inflows, totaling $321.4 million.
Regarding US-traded spot Ethereum exchange-traded funds (ETFs), data from Farside Investors revealed that the cumulative flows surpassed $3 billion for the first time on May 30.
XRP also shows strong performance among the largest cryptocurrencies by market cap, reaching $2.28 after a 5% daily price leap before retracing alongside Bitcoin to $2.23.
Recently, data from Santiment highlighted the relevance of XRP’s upward momentum. As 90% of XRP’s supply is in profit, this performance trails only behind Bitcoin.
Institutional interest in XRP as a corporate reserve asset also began to surface. Last week, Chinese AI-powered mobility firm Webus International announced a plan to add $300 million in XRP to its treasury.
The plan also includes using XRP in payments to remove exchange friction for international trips.
The same week, international EV battery company VivoPower announced that investors agreed to a $121 million private capital raise to fund the company’s transition into an XRP-focused treasury platform.
