XRP lethargic trading draws closer to 130% liftoff
XRP lethargic trading draws, Ripple’s consolidation between $1.2 and $1.6 is still underway. The massive weekend losses in the cryptocurrency market affected Bitcoin and Ethereum the most as XRP embraced support at $1.3. The institutional pivot towards Ether and altcoins reflects recent trends in the broader crypto-asset ecosystem, with Bitcoin market dominance sinking to a three-year low of roughly 40% as of May 17.
Institutions dump BTC as volume soars for Ether funds
Institutional investors appear to have offloaded nearly $100 million worth of Bitcoin exposure this past week while Ether investment product volumes surged. Ethereum represented more than half of the flows to altcoin investment products with $27 million. Cardano and Polkadot also saw increased inflows of $6 million and $3.3 million respectively.
ETH prints bullish pattern, preparing for colossal upswing past $4,000
Ethereum has been steady since the weekend breakdown from levels above $4,000 to $3,100. Over the last 24 hours, the price action remained sluggish, but bulls seem to have resorted to playing defence and ensure that losses do not extend under $3,000. Ether trades at $3,390 amid a gradually building bullish momentum. Its immediate upside appears to have been limited to $3,500.
Polygon ($MATIC) Sees 75K Active User Growth
Polygon’s leading dapps in Defi include QuickSwap, Aave, and ParaSwap – Aave made the expansion over to Polygon in March. QuickSwap reported a 210% user increase last week, and a 240% increase in transactions over the same period. Polygon($MATIC) has now surpassed an $11B market cap and has cracked the top 25 of top coins per market cap, according to CoinGecko.
23% of Gen Z is investing in memes like Dogecoin (only 9% in NFTs)
Nearly a quarter of young, new crypto investors are actively investing in meme-driven cryptocurrencies like Dogecoin, a survey by betting app Gamblers Pick found recently. Meme narratives have spruced up the crypto space massively in the past few months driven by the likes of Dogecoin (and celebs like Elon Musk continuously shilling such coins).
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