May 12 marked a significant day for the crypto community. MTC, ETH, XRP, and other popular tokens joined a rally. The consensus in the market spiked as the US and China planned a de-escalation of their long-drawn trade war. Their duel was keeping global trade on its toes. But not anymore.
BTC has jumped a significant 1.50% to reach a value of $1,05,700. Meanwhile, ETH and XRP gained massively, 4.38% and 3.7%, respectively. The two coins in line are priced at $2,625 and $2.45. The crypto market’s net worth also went up by 2.50%. Now, the market is valued at $3.28 trillion.
US Treasury Secretary Scott Bessent claimed that the trade talks between the US and China were quite “robust” and “productive.” In a quick follow-up, Wall Street’s risk appetite climbed after the declaration.
Tech stocks struggled most of the year and started leading a new rally. At the same time, Nasdaq 100 futures jumped a spectacular 3.8%. That’s not all.
The positive outcome of the US-China trade talks also resulted in the US Dollar jumping to a one-month high.
Highlighting major liquidations, the gold price came down 3%. It is a positive sign for the market, which will now invest more in stocks and assets, other than gold. Hence, a decentralized financial liaison is visible now!
How Are the Stablecoins Performing?
The BTC whales who place orders between $100,000 and $10 million have improved their purchase activities. The massive change happened in the last 48 hours.
The ETH rally is also striking! The token’s on-chain data reveals that mega whales are highly intrigued by the coin’s future growth. Therefore, most ETH tech charts show that the green bars are trending positively by large margins. This is an indicator of sustained accumulation.
Glassnode’s on-chain data also suggests that XRP whales now show swarming activity. The number of wallets holding more than 10,000 tokens has increased to 3,00,000, an all-time high for the token. Now, it’s time to observe how sustainable this growth is!
