Coin Edition -
- Brad Garlinghouse hinted at the potential rally among utility tokens following Bitcoin’s significant bull run.
- According to Garlinghouse, Bitcoin’s bullishness must go hand in hand with real-world utility.
- Ripple’s XRP rallied 20% within three hours, reaching $0.7440.
Ripple’s CEO, Brad Garlinghouse, has hinted at the potential rally among utility tokens following Bitcoin’s significant bull run. In a recent post on X, the prominent crypto figure based his projection on historical patterns and the Bitcoin ETF’s soaring volumes.
BTC ETF volumes have been soaring, we’re due for a halving and the broader crypto market is following BTC's lead (as has historically been the case). As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with…— Brad Garlinghouse (@bgarlinghouse) March 11, 2024
According to the Ripple chief, Bitcoin ETF volumes have been soaring, and the flagship crypto is due for a halving. He noted that the broader crypto market is following BTC’s lead, as expected. The CEO thinks this bullishness must go “hand in hand with real-world utility.”
Garlinghouse commented shortly after XRP’s unprecedented surge, which saw XRP gain nearly 20% in three hours, according to data from TradingView. The altcoin’s price moved from $0.6211 to $0.7440 within three hours on Monday.
The move saw XRP break above multiple resistance levels on the daily chart in a manner it hasn’t experienced since July 2023. Yesterday’s XRP rally followed Bitcoin’s trajectory after the flagship cryptocurrency surged a few hours earlier to reach new all-time highs (ATH).
Notably, Bitcoin has rallied on the back of the newly launched ETFs, attracting significant fund inflows into the cryptocurrency ecosystem. The pioneer cryptocurrency has rallied impressively after an initial pullback following the ETFs’ approval. Bitcoin moved from $38,505 to $72,910 in about six weeks, gaining nearly 90%.
Data from CoinGlass, a digital asset aggregation platform, shows that the Bitcoin ETFs’ total volume has reached $8.06 billion. Impressively, BlackRock’s IBIT, one of the newly launched ETFs, ranks highest in volume, with an investment volume of $3.07 billion.
Garlinghouse acknowledged the impact of the ETFs on the recent Bitcoin price development. However, he thinks it is only the initial phase of a crypto market bull cycle that will evolve with time. The Ripple CEO suggested Bitcoin’s recent price evolution would have a consequential impact on the entire crypto market, especially with utility tokens.
The post Bitcoin’s Bullishness Must Go Hand in Hand With Real-World Utility: Ripple CEO appeared first on Coin Edition.