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Bitcoin Sees Largest One-Day Long Liquidation of This Bull Cycle Worth Over $500M Amid Global Tensions

Abdulkarim Abdulwahab
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Bitcoin Sees Largest One-Day Long Liquidation of This Bull Cycle Worth Over $500M Amid Global Tensions

The dramatic shake-up that Bitcoin experienced this week has led the market to witness the largest long liquidation event since the start of the bull cycle.

Specifically, on April 6, more than 7,500 BTC worth of long positions, valued at over $500 million, were liquidated across major exchanges. This single-day liquidation event marked a significant blow to traders who had bet on Bitcoin’s continued rise.

Largest Cycle Long Liquidation in Bitcoin

According to Darkfost, an analyst at CryptoQuant, this event marked the most severe single-day long liquidation since the bull rally of this cycle began in 2023. 

The chart accompanying the update suggests that similar long liquidations have occurred over the past two years, but the most recent one, which took place on Monday, set a new record.

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Notably, the wave of forced selling coincided with a sharp drop in Bitcoin’s price on the spot market. It plummeted from $83,000 to a low of $74,000 before briefly stabilizing in the $77,000 range. Since then, the market has shown limited recovery, with Bitcoin still hovering around the $77,000 range.

Analyst Darkfost attributed the sudden move to growing apprehension around Donald Trump’s economic policies, particularly new tariff enforcement, which stirred broader market volatility. The U.S. stock market has not been spared.

Reports highlight a multi-trillion-dollar loss for the stock market for nearly consecutive trading days this month. One report even suggested that the U.S. stock market has lost $10 trillion since Trump became president, just three months into his term.

Time to Preserve Your Capital

Given the brutal condition of the financial market, Darkfost reminded market participants of the risks of trading in volatile markets, especially for those holding leveraged positions.

Furthermore, Darkfost emphasized the significance of preserving capital during uncertain times, warning crypto traders to avoid excessive risk exposure or leveraged trades.

What’s Next for Bitcoin?

Some market observers believe the bearish trend could persist for the next 12 months, with ongoing global economic uncertainty adding further fuel to the fire. Among the bearish commentators is Ki Young Ju, founder of CryptoQuant.

In his latest commentary, he noted that uncertainty drives safe-haven demand, which is evident as gold has risen 11% since Trump’s comeback, while Bitcoin has dropped 25%. He stated that this reinforces the idea that Bitcoin is not yet “digital gold.” 

However, on a more positive note, he expressed confidence that Bitcoin will eventually claim a share of gold’s $20 trillion market cap.

21Shares to Launch First Dogecoin ETP Officially Endorsed by Dogecoin Foundation

Mark Brennan
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21Shares to Launch First Dogecoin ETP Officially Endorsed by Dogecoin Foundation

21Shares AG, a prominent issuer of crypto ETPs, has joined forces with the House of Doge to introduce the first Dogecoin ETP officially endorsed by the Dogecoin Foundation.

This partnership seeks to present institutional investors with a regulated and transparent way to gain exposure to Dogecoin, a crypto that has evolved far beyond its origins as a lighthearted meme coin.

The Launch of the Dogecoin ETP

According to their press release, the 21Shares Dogecoin ETP will be fully backed by physical assets, providing investors with direct access to Dogecoin. Since its creation in 2013 as a fun alternative to Bitcoin, Dogecoin has become one of the most widely recognized digital currencies. 

It is particularly noted for its low transaction fees and fast processing speeds, making it popular among merchants such as Microsoft and AMC Theatres. Through this new ETP, traditional investors can now participate in the growth of Dogecoin without directly purchasing or managing the crypto.

Dogecoin’s Community Impact 

Dogecoin’s community has played a major role in its rise, with its supporters rallying behind initiatives like “Do Only Good Every day.” DOGE has been used in numerous charitable efforts, and its global community continues to drive its increasing adoption. As Dogecoin gains institutional recognition, the partnership with 21Shares offers a formalized, regulated method for investors to engage with the crypto in a more structured manner.

This collaboration signifies Dogecoin’s growing presence in the institutional sector. By launching this ETP, 21Shares is facilitating the cryptocurrency’s integration into the broader financial ecosystem, offering a legitimate investment vehicle for those seeking exposure to Dogecoin.

21Shares’ Continued Expansion 

In March, 21Shares filed a revised application with the U.S. SEC through Nasdaq to list an ETF on Polkadot. This submission follows a previous filing from January, where 21Shares outlined plans to launch the Polkadot Trust, a crypto ETF.

Originally, 21Shares had intended to list the Polkadot Trust on the Cboe BZX Exchange. However, Nasdaq’s latest filing now reveals that the exchange looks to list the 21Shares Polkadot Trust as commodity-based trust shares.

Push For Dogecoin ETFs

The push for Dogecoin ETFs has also been gaining momentum. Bitwise, an asset manager with over $12 billion in client assets, recently advanced its efforts to launch a Dogecoin ETF. NYSE Arca, a subsidiary of the New York Stock Exchange, filed a Form 19b-4 with the SEC on behalf of Bitwise.

Alongside Bitwise’s application, the NYSE Arca also submitted its Form 19b-4 seeking approval to list the Grayscale Dogecoin ETF. The SEC officially confirmed it had received the 19b-4 form.

230,770,000 XRP Worth $414M Moved Between Two Unknown Addresses: Here’s What We Know

Elendu Benedict
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230,770,000 XRP Worth $414M Moved Between Two Unknown Addresses: Here’s What We Know

An unknown whale address has moved millions of dollars’ worth of XRP to another unmarked address, raising eyebrows in the community.

XRP’s recent price underperformance has kept enthusiasts on their toes. Despite showing momentum today, the XRPL native token still trends below the crucial $2 support level.

Meanwhile, a Wednesday XRP shift has raised curiosity among XRP proponents. On-chain tracker Whale Alert drew the crypto community’s attention to a transaction in which an unidentified address moved hundreds of millions of XRP to another unmarked address.

Unmarked Address Shifts  $414M in XRP

On-chain data shows that the attention-grabbing transaction occurred at exactly 11.23 (UTC) on Wednesday. Whale Alert noted that an unmarked address, “rp7TCc,” moved 230.77 million XRP, worth $414 million, to another unidentified wallet address, “rHapXG.”

Meanwhile, The Crypto Basic carried out further analysis to demystify this transaction. The findings show that although they are both unmarked addresses, they share a tie with a prominent trading platform.

For context, Bithomp shows that San Francisco-based crypto exchange Kraken has an affiliation with the sending address “rP7TCc.” The prominent trading platform activated the wallet in December 2024. Since then, the address has become integral to Kraken’s on-chain transactions involving the fourth-largest cryptocurrency by market cap.

Furthermore, the receiving address also seems to belong to Kraken. This is because today’s sending address activated the wallet just last month. Moreover, the receiving address has only made one transaction since its activation, a 38.29 XRP shift to the address that activated it.

As a result, the transaction appears to be an internal XRP shuffle from Kraken. At the time of writing, the receiving address still holds the $414 million worth of XRP, with its total stash worth $418 million.

XRP Shows Bullish Momentum

Meanwhile, XRP has shown signs of life despite the escalating tariff war between the United States and China. The digital asset has rebounded from earlier bearish trends today, which saw it reach an intraday low of $1.7216, to higher prices.

At the time of writing, XRP trades at $1.8338, up 6.4% from the low and 2.50% since the start of the day. Moreover, a recent analysis suggests the token might be nearing the end of its correctional wave and may look to regain bullish momentum.

If it does, a commentary suggests that XRP may hit a minimum of $4.5 this cycle, with other targets like $17 and $45 still in the mix.

Pundits Share How XRP Could Benefit from the Ripple Acquisition of Hidden Road

Sam Wisdom Raphael
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Pundits Share How XRP Could Benefit from the Ripple Acquisition of Hidden Road

XRP community commentators have noted how XRP could also benefit from Ripple’s recent acquisition of Hidden Road.

Ripple Acquires Hidden Road, But Concerns Emerge

For context, Ripple recently announced the acquisition of prime brokerage firm Hidden Road for $1.25 billion. The development, which builds on Ripple’s growth strategy, triggered discussions within crypto circles, especially among XRP supporters. 

While much of the spotlight has focused on Ripple’s stablecoin RLUSD being utilized as collateral in institutional finance, several XRP investors have questioned how XRP fits into the picture. 

Addressing these concerns, WrathofKahneman (WOK), a well-known commentator in the XRP community, recently sought to clarify XRP’s role in this strategy.

Hidden Road, a multi-asset prime brokerage handling over $3 trillion in annual trading volume, serves more than 300 institutional clients worldwide. With the recent purchase , Ripple looks to expand into institutional finance, becoming the only crypto firm to operate a global multi-asset brokerage platform. 

Notably, the acquisition also shows Ripple’s focus on developing reliable financial infrastructure and extending its influence in capital markets, moving beyond retail remittances.

XRP Not Being Sidelined

However, this move raised concerns among XRP holders when RLUSD was identified as the primary asset for collateral in Hidden Road’s offerings. Nonetheless, according to WOK, this development does not pose a threat to XRP’s utility but it’s rather an expansion of its reach. 

He explained that Ripple executives Brad Garlinghouse and David Schwartz have both confirmed integrating the XRP Ledger (XRPL) into global capital markets, leading to a new phase for XRP’s utility.

WOK noted that Ripple’s early ambitions in retail remittances didn’t scale as expected, and while enterprise payments continue to grow, the definition of “payments” has shifted. 

Instead of focusing on individual transfers, Ripple is now tapping into institutional liquidity and treasury flows, an area where XRP has potential to play a major role. He suggested that XRP’s involvement in institutional settlement, clearing, and liquidity management could embed the asset into far more lucrative markets than retail.

RLUSD and XRP Complementing Each Other

Notably, as a stable, regulated asset, RLUSD is a suitable collateral for institutions with low-risk tolerances. However, WOK stressed that XRP remains essential for facilitating liquidity movement, asset bridging, and cross-border currency flow. 

He argued that XRP’s design for easy movement across financial “walled gardens” makes it a vital component of this new infrastructure, even if it’s no longer the most visible asset in the spotlight.

In support of this multi-asset future, another XRP community member pointed out that not all institutions want to hold volatile assets like XRP on their balance sheets. 

However, XRP can still function effectively as a bridge between various stablecoins and liquidity pools, reinforcing the idea that RLUSD and XRP can coexist and even complement one another.

WOK agreed with this, stating that the XRPL is growing into a platform for comprehensive financial infrastructure, which naturally requires a diversity of assets. In this environment, XRP doesn’t lose relevance, it gains new utility. 

Increased Demand for XRP?

In a separate commentary, financial consultant Jake Claver also confirmed that Ripple’s acquisition of Hidden Road would benefit XRP immensely. According to him, if only a portion of Hidden Road’s $10 billion daily volume flows through the XRPL, XRP could see massive demand.

Claver suggested that the Hidden Road development sets up new utilities, with one of them being XRP’s use for cross-border payments. This commentary essentially addresses concerns that Ripple could be looking to sideline XRP, especially with its use of RLUSD.

Similar concerns emerged when RLUSD launched, with some questioning if the stablecoin could completely replace XRP in the Ripple Payments product.

In Response to Trump’s 104% Tariff, China Looks to Impose 84% Tariff on US: How Could Bitcoin React?

Sam Wisdom Raphael
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In Response to Trump’s 104% Tariff, China Looks to Impose 84% Tariff on US: How Could Bitcoin React?

Bitcoin and crypto investors remain on edge as China plans to impose retaliatory tariffs on U.S. goods in a major escalation of global trend tensions.

China has announced plans to impose an 84% tariff on goods imported from the United States. Notably, this retaliatory measure comes in direct response to the U.S. administration’s move to hike tariffs on Chinese imports to a cumulative 104%. 

According to Reuters, the new Chinese tariffs will go into effect on April 10 and target a broad spectrum of American products. Simultaneously, the European Union is also preparing to launch its own countermeasures, including a phased 25% tariff regime on U.S. goods starting April 15.

Bitcoin’s Initial Reaction to Tariff Tensions

Discouragingly, this intensifying global tariff standoff has impacted the financial scene, and the crypto sector has not been immune. 

Following Trump’s initial tariff announcement, Bitcoin witnessed a sharp drop, tumbling from over $80,000 to below $75,000 on April 7, its lowest level in five months. The broader crypto market also suffered, shedding about $330 billion in total market capitalization between April 6 and 7.

Although Bitcoin has shown signs of recovery, recently trading around $77,580, investor caution remains as market participants weigh the implications of continued trade fragmentation. 

Binance CEO Maintains Long-Term Optimism for Bitcoin

However, according to Binance CEO Richard Teng, the resurgence of protectionist policies is fuelling increased volatility across all asset classes, including crypto. Teng noted that in the short term, macroeconomic uncertainty often leads investors to adopt a more risk-averse approach, leading to outflows from speculative assets.

Nonetheless, Teng maintains his optimism about the long-term outlook for crypto despite the near-term bearish trend. He believes that during periods of economic stress, crypto assets like Bitcoin can regain their appeal as alternative stores of value, particularly as faith in fiat-based systems drops.

Interestingly, Binance Research echoed this sentiment in its latest report. They highlighted how the crypto market’s recent downturn shows a broader shift toward risk-off behavior. 

According to their report, market sentiment has turned cautious, with capital reallocating away from crypto and into more traditionally safe assets such as gold. From its January peak, the crypto market has lost nearly 26% of its value, a decline amounting to roughly $1 trillion.

Bitcoin Could Decouple

While short-term movements paint Bitcoin as a risk asset, Binance Research emphasized that its correlation with traditional financial instruments like equities and gold is inconsistent over longer timeframes. 

Historically, Bitcoin’s 90-day correlation with equities has hovered around 0.32 and with gold around 0.12. Notably, these figures suggest that the crypto market maintains some independence from broader market trends.

Importantly, Bitcoin has occasionally demonstrated resilience in the face of financial uncertainty. A notable example occurred during the banking sector instability of March 2023, when Bitcoin decoupled from traditional markets and gained in value while equities declined. 

Analysts suggest that a similar decoupling could occur again if Bitcoin reasserts its role as a hedge against economic turbulence. While CryptoQuant CEO Ki Young Ju recently noted that Bitcoin is not yet digital gold, he suggested it could assume this position in the future. 

Ki Young Ju on X
Ki Young Ju on X

Interestingly, in a recent commentary, billionaire investor Tim Draper argued that all the scenarios that could emerge from the trade war would be ultimately beneficial to Bitcoin investors, as the asset is “inflation resistant.”

Strategy Chairman Urges Bitcoin Investors to HODL Amid Price Dip

Lele Jima
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Strategy Chairman Urges Bitcoin Investors to HODL Amid Price Dip

Michael Saylor, the executive chairman of Strategy, is urging Bitcoin investors to continue holding BTC amid the recent market downturn.  

The chairman of Strategy took to X today to post a one-word message to the Bitcoin community: ‘HODL.’ This term originally came from a typo in a 2013 BitcoinTalk forum discussion, when a user mistakenly posted ‘HODLING’ instead of ‘HOLDING.’ 

Since then, “HODL” has become a staple in the cryptocurrency community, serving as an acronym for “Hold On for Dear Life.” It encourages investors to maintain their positions and hold their assets for the long term, even in the face of short-term market fluctuations.

Saylor’s tweet today urged Bitcoin enthusiasts to stay strong and continue holding the asset despite its recent price dip.

Recent Crypto Crash 

Notably, Bitcoin suffered a devastating collapse earlier this week due to Donald Trump’s tariff war. The impact of this trade war has spread across several financial markets, including stock and crypto.   

Specifically, on April 7, Bitcoin crashed below the $80,000 price mark to a daily low of $74,436, its lowest price in five months.

Notably, Bitcoin showcased resilience, climbing above the $80,000 mark the following day. However, the recovery was short-lived as Bitcoin dipped again below that level. The top crypto is trading at $76,925 per coin, representing a decline of 4.29% over the past 24 hours. 

Saylor Remains Confident in Bitcoin Amid Dip 

Since the latest market downturn, Saylor has remained confident in Bitcoin as he continues to share positive comments about the asset. During the peak of the April 7 downturn, the Strategy chairman maintained that one Bitcoin would always remain one BTC. 

Yesterday, he asserted that Bitcoin is digital gold, suggesting that the premier cryptocurrency has functions similar to those of precious yellow metal. Recall that Fed Chairman Jerome Powell also shared a similar sentiment on December 4, noting that Bitcoin is digital gold. 

Following today’s drawdown, Saylor has urged investors to HODL for the long term despite recent price dips. It is common knowledge that Saylor has been a strong believer in Bitcoin since 2020, when he led Strategy (formerly MicroStrategy) to its first BTC purchase. 

The company has grown its Bitcoin holdings to 528,185 BTC, which are currently valued at $40.63 billion. This strategy has also inspired corporate entities like Metaplanet to buy and hold Bitcoin as part of their treasuries. 

Grok and ChatGPT Share Shiba Inu Price Prediction, Revealing Timeline for SHIB to Hit $0.0005 and $0.003

Abdulkarim Abdulwahab
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Grok and ChatGPT Share Shiba Inu Price Prediction, Revealing Timeline for SHIB to Hit $0.0005 and $0.003

Grok and ChatGPT predict Shiba Inu’s potential timelines for reaching price targets of $0.0005 and $0.003 with market conditions, token burns, and ecosystem growth.

While Shiba Inu’s struggle in the current bearish market has worsened, optimism remains high in a major comeback. In the last few weeks, Shiba Inu has lost over 20% of its value and has further plummeted by 48% since the start of the year.

Notably, the coin trades dangerously around $0.00001, with a likelihood of dipping below, a bearish move not seen for over a year. Meanwhile, Shiba Inu loyalists see the ongoing trend as temporary and anticipate a rebound.

With this optimism, The Crypto Basic examines expert timelines for SHIB to reach lofty highs like $0.0005 and $0.003. Notably, this analysis consulted popular AI chatbots Grok from xAI and ChatGPT of OpenAI.

Timeline for Shiba Inu to Reach $0.0005 and $0.003: Grok’s Analysis

Grok’s analysis presents a cautious yet hopeful outlook for Shiba Inu. It predicts that SHIB could reach $0.0005 between 2027 and 2030. This timeline assumes steady growth, increased utility, and aggressive token burns. 

The major factors influencing this price target include the success of Shibarium and the anticipated adoption of Shiba Inu’s ecosystem.

Grok believes SHIB could reach $0.0005 in a more optimistic scenario as early as 2025-2026, driven by a bull comeback. However, it cautions that the timeline is speculative, and any market downturn or lack of innovation in the Shiba Inu ecosystem could push these targets further out.

For the $0.003 price target, Grok presents a more distant timeline, estimating SHIB could hit this mark around 2035-2040. While this target is ambitious, Grok acknowledges that the crypto market is volatile, and SHIB’s past history of surprising growth suggests anything is possible.

Timeline for SHIB to Reach $0.0005 and $0.003: ChatGPT’s Analysis

While similar in some respects, ChatGPT’s analysis takes a more aggressive approach to predicting SHIB’s growth. For the $0.0005 target, ChatGPT is slightly more optimistic, suggesting that this price could be achieved between 2025 and 2026, essentially this season. 

With SHIB trading at $0.00001083, attaining 0.0005 demands a surge of over 4,500%. Notably, this projection relies on Shiba Inu continuing to burn tokens and expanding its utility with Shibarium. 

As for $0.003, ChatGPT agrees with Grok that this is highly speculative. The analysis projects a timeline of 2028-2032 and stresses that this would require extreme circumstances. They include a massive reduction in the token supply, widespread global adoption, and even integration into real-world systems. 

Changelly Analysts’ Timeline

While these are AI predictions, analysts at Changelly closely align with the timelines. For instance, they proposed that Shiba Inu could reach $0.0005 by 2031. As for $0.003, they believe it is attainable between 2033 and 2040.

Coinbase Says XRP Utility in ODL Makes It Attractive to Financial Institutions

Lele Jima
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Coinbase Says XRP Utility in ODL Makes It Attractive to Financial Institutions

U.S.-based Coinbase highlights the utility of XRP in ODL as a significant factor that makes the coin attractive to financial institutions and payment providers. 

Popular XRP community figure WrathOfKahneman called the public’s attention to this development while shedding light on some nuanced details in Coinbase’s filing with the U.S. CFTC to self-certify its listing of XRP futures contracts. 

As previously reported, Coinbase submitted the filing on April 3, 2025, noting that it plans to list contracts for XRP futures on its derivatives trading platform later this month. The broader XRP community applauded the filing as a significant move that could clear the path for the potential launch of XRP spot ETFs. 

XRP is Attractive to Financial Institutions  

While many community members focused on the impact of Coinbase’s self-certified XRP futures contracts, WrathOfKahneman shed light on some details in the filing disclosure. 

The exchange noted that one of XRP’s primary use cases revolves around its ability to facilitate cross-border settlements through RippleNet and On-Demand Liquidity (ODL). 

It defines ODL as a service that leverages XRP as a bridge currency to facilitate real-time currency conversion. The exchange emphasizes that this utility helps reduce processing times and transaction costs for corporate payments. 

Based on XRP’s ODL utility, Coinbase noted that the coin is attractive to financial institutions, remittance services, and payment providers seeking more efficient settlement methods. 

Closer Look at Coinbase’s Filing

Reacting, WrathOfKahneman questions whether Coinbase’s description of XRP’s utility is merely boilerplate language or whether the exchange had insider insights. 

Further, he noted that Coinbase mentioned RippleNet’s ODL even though Ripple disclosed in 2023 that the service had been superseded by its Crypto Liquidity solution. Coinbase’s use of outdated details prompted WrathOfKahneman to question the exchange’s source of information. 

In the meantime, the CFTC is reviewing Coinbase’s request to self-certify the listing of its XRP futures contracts. Once the regulator approves the filing, the XRP Futures contracts will launch on Coinbase’s Derivatives platform on April 21. 

Analyst Says Cardano ATH Never a Guarantee as Price Hits 2021 Break Even

Mark Brennan
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Analyst Says Cardano ATH Never a Guarantee as Price Hits 2021 Break Even

Cardano has kicked off the second week of April under heavy scrutiny as its price trajectory circles back to levels seen over four years ago. 

The digital asset, which opened the week trading above $0.65, experienced a sharp decline, touching a low of just under $0.52 on April 7. 

Although a slight rebound followed on April 8, briefly pushing the price to around $0.61, the recovery proved to be weak and unsustainable. By April 9, Cardano’s price had settled near $0.5694, with a 24-hour drop of 2.6%, a 7-day decrease of 15.4%, and a 14-day slump totaling 25.9%.

ADA’s Return to 2021 Levels 

As the market absorbed the latest price pullback, analyst Jesse Olson shared a chart on X, outlining Cardano’s long-term stagnation. His analysis revealed that the asset has returned to February 2021 price levels, exactly 1,519 days later. 

During this time, ADA saw major surges and sharp corrections. Notably, despite a brief rally in late 2023, the token has yet to set a new all-time high in the current market cycle. Olson’s visual narrative highlighted that ADA’s current price — between $0.55 and $0.60 — mirrors its February 2021 valuation.

This timeline, extending over four years, shows that long-term holders from that point would effectively be at break-even today. The analysis also stressed that previous gains do not guarantee future returns, challenging the assumption that holding through multiple cycles ensures profitability.

Bullish Projections Surface Amid Bearish Sentiment

Meanwhile, crypto commentator Alex Becker presented a contrasting outlook. In a recent YouTube video, he identified Cardano as one of eight tokens poised for significant growth by 2026.

Despite past criticism of the project, Becker labeled ADA as highly bullish at current prices. He cited its decentralization, transaction speed, and increasing network activity as factors contributing to what he called a possible surge to $5 — above its all-time high of $3.09.

Additionally, he pointed to new institutional interest, including ETF-related filings and ADA’s inclusion in a U.S. crypto reserve, as emerging catalysts.

According to Becker, these developments, combined with positive social sentiment data around the Cardano ecosystem, could ignite a sustained price rally. He emphasized that current levels present what he views as discounted entry points based on historical price performance.

Technical Pattern Suggests Potential Upside

In a separate analysis on TradingView, another market expert charted Cardano’s multi-year performance within a weekly ascending channel. This pattern, historically associated with price rebounds, shows ADA oscillating between key trendlines. Notably, Cardano’s previous breakout from $0.20 to $2.70 in 2021 occurred within this same structure.

The analyst outlined possible resistance levels, identifying $2.7567 as the first hurdle if ADA breaks above the channel. Should the pattern persist, the model projects a potential long-term target of $50.4821.

Deaton Predicts Timeline for XRP To Flip Ethereum as XRP ETF Debuts with a Bang

Abdulkarim Abdulwahab
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Deaton Predicts Timeline for XRP To Flip Ethereum as XRP ETF Debuts with a Bang

The recent performance of the freshly launched XRP ETF in the U.S. has given industry leaders more reason to believe XRP could overtake Ethereum, even within this year.

John Deaton, a pro-crypto lawyer and former U.S. Senate candidate, recently shared this perspective in a tweet. Specifically, he argued that XRP could dethrone Ethereum to become the altcoin market leader by the end of this year.

Deaton expressed this conviction after the inaugural XRP ETF in the U.S. recorded an impressive first-day volume of $5.43 million. This substantial turnover came despite the widespread bearish sentiment in the market, with crashing prices in the spot market and liquidations in the derivative market.

XRP ETF’s Remarkable First Day Feat

Notably, the ETF is sponsored by asset manager Teucrium and is a 2x leveraged ETF tracking the performance of XRP. It saw its first trading day on Tuesday, April 8, and closed with a turnover of over $5 million. This came despite XRP’s price dipping again to $1.74 after a brief attempt at the $2 level earlier in the day.

The significance of the ETF’s trading volume becomes even more apparent when considering that it was around four times the value of Solana’s 2x ETF debut.

In his remark, Deaton noted that despite the crypto industry’s widespread negativity toward XRP, he has consistently maintained that XRP holds more appeal than many industry players are willing to acknowledge.

He further strengthened his argument by pointing to the 75,000 XRP holders who united to petition the court in the Ripple case, calling it “extraordinary.” He concluded by reiterating his prediction that XRP will surpass Ethereum and that this will happen by the end of the year.

XRP’s Potential to Flip Ethereum

Despite its position as the largest altcoin, Ethereum has been struggling with bearish sentiment. Since the start of the year, its value has dropped by 55%. In perspective, this means Ethereum has lost $224 billion in market cap since January, with the current value standing at $178 billion and a unit price of $1,479.

Meanwhile, XRP currently has a market cap of $106.51 billion. This reflects a dip of only 12.14% since the start of the year, with the coin trading at $1.82. At one point earlier this year, XRP had a market cap of $196 billion.

XRP’s resilience in the bearish market and its potential for an impressive move during a bull comeback have continued to fuel speculation that it could once again become the second-largest cryptocurrency after Bitcoin.

At the moment, XRP could overtake Ethereum should its price rebound to $3, especially if Ethereum fails to experience a comparable level of growth.

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