Crypto analyst Amonyx recently drew attention to a CNBC video in which XRP was described as the hottest cryptocurrency of the year. Bitcoin and Ethereum. This is despite XRP ETFs continuing to see gains even as other crypto funds see outflows.
Why is Altcoin the best Bitcoin and Ethereum trade?
In one X postAmonyx shared a CNBC video describing XRP as the top trade ahead of Bitcoin and Ethereum. The analyst then questioned whether the market has seen or is about to. CNBC’s Mackenzie Sigalos noted that the token had already attracted a lot of attention late last year, with investors looking to XRP ETFs while spot Bitcoin and Ethereum ETFs saw a surge.
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He further stated that these investors likely saw XRP as a less crowded business than Bitcoin and Ethereum, as the price of the crypto fell in the fourth quarter of last year. Sigalos added that the trade was profitable, given that the altcoin registered a 20% gain at the start of the year. At the same time, she also touched on it XRP use case and why it might attract so much attention.
The manager of the CNBC TV noted that XRP and Solana The two altcoins are currently the most popular, and XRP has gained notoriety for its usefulness in cross-border payments. Sigalos also suggested that XRP, along with Solana, could outperform Bitcoin and Ethereum to have more room to rally to the upside.
As for blockchain adoption, he noted that users and investors can turn to cheaper and faster networks like Solana over Bitcoin and Ethereum, especially for payments and tokenization. In XRP Ledger According to it, it is also gaining traction for tokenization and recently overtook Solana in terms of tokenized value on the network. RWA.xyz.
XRP ETFs continue to see inflows
SoSoValue data shows that XRP ETFs are seeing daily net inflows, even as the crypto market fluctuates. These funds are currently on a five-day streak of net inflows and have seen just six days of outflows since the start of the year. They currently have net assets of $1.02 billion, representing a yield of 1.20%. XRP market price.
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However, XRP funds compared to Bitcoin, Ethereum and Solana funds last week. A CoinShares report revealed that XRP funds saw a weekly turnover of $1.9 million last week. On the other hand, BTC, ETH, and SOL funds recorded weekly turnover of $881.5 million, $116.9 million, and $53.8 million, respectively.
At the time of writing, the price of XRP is reportedly around $1.36, which has risen in the last 24 hours. information from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
