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Cryptocurrencies have started the week well, with Bitcoin soaring to a record high. Other coins like Ethereum (ETH) and Ripple (XRP) have also surged, helping push the total market cap of all cryptocurrencies to over $2.7 trillion.
BitBot, on the other hand, has continued seeing strong inflows, with the total cash raised being over $952k.
Ethereum and XRP ETF demand
The main catalyst for the soaring Bitcoin, Ethereum, and Ripple (XRP) prices is the ongoing Bitcoin ETF inflows.
The iShares Bitcoin Trust (IBIT) has added over $13 billion in assets while the Fidelity Bitcoin Fund (FBTC) has soared to more than $6 billion. Other Bitcoin ETFs have also seen strong inflows in the past two months.
Eight companies like VanEck, Franklin Templeton, Blackrock, and Fidelity have also applied for a spot Ethereum ETF. Most analysts expect that the Securities and Exchange Commission (SEC) will approve these ETFs.
The challenge for Ethereum is that the SEC believes that it is a financial security because of its staking feature. Staking is the process where holders are rewarded for holding a coin. As such, the SEC may deny these assets.
The approval of a spot Ethereum ETF would happen at a time when its supply is running out. As shown below, the total amount of Ethereum in exchanges has been in a strong downward trend. It has dropped to 14,180,200, meaning that it could continue rising.
Ethereum reserves in exchanges
XRP price, on the other hand, rose sharply as hopes that there will be a spot Ripple ETF this year. Unlike Ethereum, a US court has already ruled that XRP is not a financial security. This means that the XRP ETF will be approved if there are applicants.
These reasons explain why Ethereum price has jumped to over $4,065, its highest point since December 2021. It has soared by more than 354% from the lowest point in 2022. Similarly, XRP price has soared to $0.7250, its highest point in November last year.
BitBot token sale is continuing
Meanwhile, BitBot, an upcoming cryptocurrency project, has continued raising funds. The developers have raised over $952k from investors as demand has risen.
BitBot is aiming to disrupt the Telegram bot industry by creating a self-custodial trading bot. According to its white paper, it will be an institutional-grade platform with lightning-fast execution and a better user interface.
Unlike other Telegram bots, it will be fully decentralised, where users will use the $BITBOT token to make decisions in the ecosystem. The token will enable users to receive discounts and give them exclusive access.
Most importantly, $BITBOT users will be able to share the revenue that is generated from the ecosystem. The BitBot token presale will be completed in March, followed by the platform launch in the second quarter. This period will also involve DEX and CEX integrations followed by continuous innovation. You can buy the token here.
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