The cryptocurrency market opened the week with muted price action during Asian trading hours, as Bitcoin held steady above $94,000 and the CoinDesk 20 Index remained flat. However, select altcoins posted notable gains amid sector-specific developments.
Key Market Movements:
- $XRP led major cryptocurrencies with a 4% surge, fueled by the SEC's approval of ProShares' XRP futures ETFs set to launch April 30
- $ADA $BNB and $ETH saw moderate gains between 1-3%
- Monero $XMR emerged as an outlier, skyrocketing over 40% to $320 – its highest level since May 2021 with daily trading volume spiking 340% to $220 million
Analysts noted Monero's rally appears speculative, as on-chain data shows no significant change in network activity. The privacy coin's CryptoNote protocol, which obscures transaction details, continues to attract interest amid growing regulatory scrutiny of transparent blockchains.
Market Sentiment & Macro Context:
Traders maintain cautious optimism despite macroeconomic uncertainties.
"Bitcoin's stability above $92k reflects improving regulatory clarity, particularly with the administration's softened stance on crypto policies," observed Jupiter Zheng of HashKey Capital. "This supportive environment could foster greater decoupling from traditional markets and spur innovation."
Meanwhile, traditional markets showed mixed signals:
- S&P 500 futures dipped 0.6%, potentially ending a four-day rally
- Gold retreated after last week's record highs
- Asian indices, including Hong Kong's Hang Seng, traded flat
The divergence between crypto assets and conventional markets highlights digital assets' evolving role in global finance.
