Crypto This Week: Shining Bright! XRP Surges 55% QoQ in Q1 2023
What Happened in the Crypto Industry & NOBI During the Past Week?
Hey, NOBI’s! XRP rocked the first quarter of 2023 with an impressive 55% surge. Two US presidential candidates openly accepted campaign donations in Bitcoin. Bappebti promises the launch of a crypto commodity futures exchange in June or July 2023. The DRC-20 token of Doginal caused a transaction frenzy in the Dogecoin network. IntoTheBlock’s data revealed the growing trend of whale accumulation in Cardano (ADA). What’s more? Let’s dive into the exciting crypto news from the past week that we’ve specially curated for you!
1. Shining Bright! XRP Surges 55% QoQ in Q1 2023
XRP Ripple has achieved phenomenal growth in Q1 2023, outperforming the overall crypto market. According to a report by Messari, XRP’s market capitalization increased by 59.9% during the quarter, reaching $27.4 billion by the end of March. Additionally, the price of XRP also saw a remarkable 55% surge during the same period. In comparison, the overall crypto market experienced a 46% increase during the same timeframe.
While the performance of XRP in Q2 is yet to be seen, Ripple has made significant moves, including the $250 million acquisition of Metaco, to strengthen their position. With promising achievements in the first quarter and recent legal developments, Ripple’s prospects for the future look positive.
2. Historic Milestone, Two US Presidential Candidates Embrace Bitcoin for Campaign Donations
The upcoming US Presidential Election in 2024 is set to make waves as it embraces Bitcoin donations for the first time in political campaigns. Both Robert F. Kennedy Jr. and Vivek Ramaswamy have openly embraced Bitcoin donations as part of their campaign efforts. This phenomenon reflects the growing recognition of cryptocurrencies in politics and highlights the engagement of crypto industry players in political processes and lobbying.
Robert F. Kennedy Jr., the nephew of the late John F. Kennedy and a Democratic presidential candidate, announced Bitcoin donations during the Bitcoin Conference 2023 in Miami, Florida. On the other hand, Vivek Ramaswamy, a Republican presidential candidate, launched the “Give $1” campaign to accept Bitcoin donations. This unprecedented move underscores the increasing significance of cryptocurrencies in shaping the political landscape.
RFK Jr’s Support For Bitcoin— Mario Nawfal (@MarioNawfal) May 22, 2023
RFK Jr. has come out and openly stated his opinion on Bitcoin and the important role it could play in maintaining Democracy.
He has also been vocal in the war against CBDC’s, (Central Bank Digital Currencies), and points to the actions of Canada… pic.twitter.com/xre0dTTFCH
Just announced we’re officially accepting #Bitcoin donations.— Vivek Ramaswamy (@VivekGRamaswamy) May 20, 2023
Let’s make the 2024 election a referendum on fiat currency. https://t.co/KrHJdomtCh pic.twitter.com/OkVmoBmTFz
3. Crypto Commodity to Officially Launch on Futures Exchange, Save the Date!
Get ready for an exciting development in the world of cryptocurrencies! The Crypto Commodity is gearing up to make its debut on a regulated futures exchange, under the watchful eye of the Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti). The launch of the Crypto Commodity is scheduled for June or July 2023, and it is an initiative driven by Minister of Trade Zulkifli Hasan, aiming to provide a secure platform for the rapidly growing crypto transactions.
Currently, Bappebti is in the process of selecting three companies that have applied to become the official crypto commodity futures exchange. The licensing process is ongoing and being carried out in accordance with applicable regulations and laws. The introduction of the Crypto Commodity on the futures exchange will offer a more structured and secure investment alternative for the public. So, get ready to explore new opportunities in the world of crypto trading!
4. Doginals DRC-20 Token Sparks a Surge in Dogecoin Network Transactions
The Dogecoin network has seen a tremendous increase in transactions thanks to the DRC-20 Doginals token. Doginals is an encryption protocol similar to Ordinals that allows Dogecoin users to create text-based DRC-20 tokens for just 1 DOGE. While the hype surrounding DRC-20 has successfully boosted Dogecoin network activity, some core Dogecoin developers remain skeptical of this growth and highlight potential risks to the network, including under-engineering risks that could affect the stability of Dogecoin.
Nevertheless, daily transaction volumes of Dogecoin have reached their highest levels since the introduction of DRC-20 Doginals, indicating strong interest from the Dogecoin community in utilizing this token.
5. IntoTheBlock Data Reveals Whales Increasingly Accumulating Cardano (ADA)
Whales are increasingly fueling the accumulation of Cardano (ADA). Data from IntoTheBlock reveals a net surge of over 1,500% in the last 30 days, indicating active efforts by whales to strengthen their positions. Despite ADA’s price volatility, the majority of users continue to hold onto their tokens with hopes of future price increases. Interestingly, there is a strong correlation between ADA’s price and the two largest cryptocurrencies, Bitcoin and Ethereum. On-chain analysis also shows that the Cardano network maintains stability in transaction volume and experiences growth in the number of active wallets, reflecting positive adoption and growing confidence in the platform.
With the surge in whale accumulation and the potential for positive growth, Cardano (ADA) becomes increasingly attractive to market participants. Crypto enthusiasts and investors will closely monitor these developments, eagerly anticipating the potential for higher price gains in the future.
That wraps up for Crypto This Week. We’ll see you at the next one!