{"id":445103,"date":"2023-10-04T10:43:42","date_gmt":"2023-10-04T10:43:42","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=445103"},"modified":"2023-10-04T10:43:42","modified_gmt":"2023-10-04T10:43:42","slug":"next-cryptocurrency-to-explode-wednesday-4-october-ypredict-xrp-gala","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/next-cryptocurrency-to-explode-wednesday-4-october-ypredict-xrp-gala","title":{"rendered":"Next Cryptocurrency to Explode Wednesday 4 October – yPredict, XRP, Gala"},"content":{"rendered":"

The crypto market capitalization dipped further in the last 24 hours. In a further decline from our <\/span>previous report<\/span><\/a>, the market lost 0.78% to $1.08 trillion. However, cryptocurrencies are doing well and carrying the weight of the market. They belong to the category of the <\/span>following cryptocurrencies to explode.<\/span><\/p>\n

In the last 24 hours, too, the trading volume for cryptocurrencies also slipped to $36.78 billion. It represents a 15.50% decrease. The decentralized finance sector had a trading volume of $2.55 billion, accounting for 6.94%. Stablecoins, on the other hand, had a trading volume of $34.51 billion, constituting a substantial 93.82% of the total 24-hour crypto market volume.<\/span><\/p>\n

Bitcoin’s dominance in the cryptocurrency market rose to reach 49.48%, reflecting a 0.13% increase over the day.<\/span><\/p>\n

On the <\/span>stock market<\/span><\/a> front, the early hours of trade on Wednesday have seen Asian stocks tumble to their lowest in 11 months. The persistent bond market crisis also sent US yields to their highest levels in 16 years. This yield surge raises concern about the valuation of equities and dampens investor appetite for risk assets across the board.<\/span><\/p>\n

The Treasury yield increase also pushed the US Dollar to new heights. The Japanese Yen showed some resilience as there are speculations that authorities might be discreetly intervening in the money markets.<\/span><\/p>\n

Next Cryptocurrency to Explode<\/b><\/h2>\n

The Yen breached the 150\/dollar threshold in London early on Tuesday before quickly retreating to 147.3. Tokyo has not confirmed this abrupt movement yet. Japan’s finance ministry has refrained from making direct comments on the shift. As of the latest data, the Yen was trading at 149.181 per Dollar.<\/span><\/p>\n

Furthermore, unexpectedly robust US job openings data contributed to an almost 12 bps increase in the 10-year yield on Tuesday. In the Asian trading session, it climbed an additional three bps, reaching 4.838%, marking its highest level since 2007.<\/span><\/p>\n

1. XRP (XRP)<\/b><\/h3>\n

Ripple recently released 1 billion XRP tokens from its escrow accounts. The monthly event, which takes place on the first day of each month, saw the release of 1 billion XRP tokens distributed across three transactions. The first transaction involved the unlocking of a substantial 400 million XRP tokens, valued at $205.92 million, from Ripple’s escrow. This was followed by the release of an additional 100 million XRP, worth $51.48 million, in the second transaction. Finally, the third transaction saw the unlocking of 500 million XRP tokens worth $257.40 million from the Ripple escrow.<\/span><\/p>\n

\"XRP<\/p>\n

Ripple introduced its escrow system in December 2017 with the aim of bringing stability to the XRP market. Under this system, Ripple set aside a total of 55 billion XRP in a series of escrows, each containing 1 billion XRP tokens, to be gradually released on a monthly basis over 55 months. According to this schedule, the final tranche is expected to be released in December 2023.<\/span><\/p>\n

Typically, around 800 million XRP tokens are returned to escrow and locked up until the following month, while approximately 200 million XRP are injected into the circulating supply.<\/span><\/p>\n

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Today, forward-thinking businesses leveraging both digital assets and fiat require a reliable and scalable source of cost-efficient liquidity. <\/p>\n

Learn more about Ripple Liquidity Hub built specifically for enterprise needs. https:\/\/t.co\/CWhoP6avTd<\/a> pic.twitter.com\/iQKM79EcI8<\/a><\/p>\n

— Ripple (@Ripple) September 28, 2023<\/a><\/p><\/blockquote>\n