XRP and Solana (SOL) tokens lead gains among major cryptocurrencies, while alternative tokens Rollbit (RLB) and Unibot (UNIBOT) experience significant growth driven by separate catalysts.
According to CoinDesk data, XRP and Solana (SOL) tokens posted notable gains as Bitcoin demonstrated steady growth over the past 24 hours. Alternative tokens, Rollbit (RLB) and Unibot (UNIBOT), also witnessed substantial growth due to distinct factors. Crypto casino Rollbit unveiled plans to purchase and burn its tokens using platform revenues daily, while Telegram bot Unibot experienced a surge due to increased social sentiment for its tokens. Furthermore, Reddit-based token Moon (MOON) reported a 14% rise, marking its second consecutive day of growth.
FxPro senior market analyst, Alex Kuptsikevich, suggested that the recent growth in the crypto market could be attributed to investors reacting to a new wave of concerns about banks. Moody's downgrade of ten mid-sized US banks and an unexpected Italian windfall tax has played a role in these concerns. Kuptsikevich told CoinDesk via email that investors are turning to the largest cryptocurrencies to preserve their capital, staying away from banks where deposit guarantees only cover smaller sums.
Kuptsikevich also highlighted the market’s second failed attempt to surpass the 50-day average this month. Consolidating above $30,000 would be a significant milestone, signaling the end of the downtrend seen over the past four weeks.
