Bitcoin and Ethereum hit new highs, XRP remains subdued

Bitcoin and Ethereum surged to new highs on Tuesday, fueled by signs of institutional buying and positive developments in the broader cryptocurrency market. However, XRP continues to trade within a limited range as it remains embroiled in a legal battle with the US Securities and Exchange Commission (SEC).

Bitcoin reached a two-year high of $57,242, surpassing its previous peak set in late 2021. This rally comes amidst growing institutional adoption, with software firm MicroStrategy disclosing a recent purchase of 3,000 bitcoins for $155 million. Additionally, the recent approval of Bitcoin exchange-traded funds (ETFs) in the US has further bolstered market sentiment.

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Ethereum, the second-largest cryptocurrency by market value, also enjoyed significant gains, reaching $3,275, its highest level since April 2022.

In contrast to the positive momentum surrounding Bitcoin and Ethereum, XRP remains rangebound, trading between $0.52 and $0.56. This lacklustre performance is likely due to the ongoing legal battle between Ripple Labs and the SEC, which has cast a shadow of uncertainty over the token’s future.