Bitcoin Pops Over $61K, XRP Leads Gains Among Majors

Bitcoin surged above $61,000 during Asian trading hours, signaling continued bullish momentum in the cryptocurrency market. XRP saw the most significant gains among major tokens, jumping over 7%, while other altcoins like BNB, SOL, and ADA also experienced notable increases. In contrast, Toncoin declined slightly in the past 24 hours. Meanwhile, Polymarket bettors are predicting price stability, with a 66% chance that Bitcoin will remain above $60,000 by the end of the week. Dogecoin also saw a 5% spike after Elon Musk, the technology entrepreneur, posted an AI-generated image related to the token. However, such price spikes tend to be short-lived. PoliFi tokens, on the other hand, seemed to have lost traction as traders lost interest. The Trump-themed MAGA token recorded a 0.3% decline in trading value. On Polymarket, Kamala Harris is slightly ahead of Donald Trump in the Presidential election betting contract. Looking ahead, traders are anticipating market movements around Federal Reserve chair Jerome Powell’s speech at the Jackson Hole symposium on Friday. Powell’s expected confirmation of a pivot to lower borrowing costs next month could boost bullish sentiment in the market. However, some traders remain bearish due to the withdrawal of applications for Bitcoin ETF options by NYSE and NASDAQ, which could pose challenges to mainstream adoption in the short term. Additionally, there is uncertainty around the legalities of staking for Ethereum (ETH), which has underperformed compared to Bitcoin recently.