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.
