DOGE, SOL, and XRP rebound as the crypto market flips green today, reversing yesterday’s downturn with a sudden trend shift
After turning red yesterday, the cryptocurrency market is now green, marking a dramatic change in direction.
The double digital gains are being led by digital assets such as SOL, ETH, PENGU, and a few others, while XRP, DOGE, and a few more are also following.
Notably, the rise has been fueled by significant upgrades in the past day.
Market Cap Exceeds $4T As Crypto Market Turns Green
Green now dominates the crypto heatmap, indicating a significant comeback in digital assets following a nearly week-long decline.
According to CoinMarketCap data, digital assets such as SOL, XRP, and others are thriving due to a notable rise.
Consequently, the worldwide crypto market capitalization has increased by 4% and now stands at $4 trillion.
Furthermore, following an 80% increase, the trade volume has reached $260 billion.
Today’s turnaround was surprising, despite trend shifts and uncertainty standard in the cryptocurrency market.
The market had previously seen unanticipated volatility due to macroeconomic factors, such as the FOMC Minutes.
It was thought to continue until the interest rate cut odds rekindled optimism for the assets.
Why Are Coins Like SOL, XRP, DOGE, PENGU, Others Exploding?
With Bitcoin and the other cryptocurrencies regaining their upward velocity, the crypto market is again exhibiting signs of life.
Starting with Bitcoin, whose price has increased by 2% today, it has surpassed $115,000 following the prior drop.
The Solana and Ethereum price surges are driving altcoins on a similar path.
Due to Circle’s $500M USDC minting, ETF momentum, and other factors, SOL crossed the $200 level while ETH approaches the all-time high.
The rise was further bolstered by introducing Kanye’s YZY token to the Solana network.
While PENGU is up 15% because of the excitement around the game launch, DOGE’s price is up 8.8% today due to whale accumulation and trend reversal.
With the formal conclusion of the Ripple v. SEC litigation, even XRP has crossed $3.
High trading volume and increasing trader contact are problems for all these altcoins.
Jerome Powell’s Jackson Hole address, which alluded to impending interest rate decreases, has been the most important in this respect.
The performance of the digital assets has also been boosted by the ETF issuers updating their filings in response to encouraging signals from the SEC.
The market has risen due to significant (positive) developments in the cryptocurrency field over the past several hours.