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Altcoin Accumulation On The Horizon
A new CryptoQuant report shows altcoins garnering steam in the last week of July as major coins hit levels not seen in months. The total market cap is over $3.79 trillion, a 1.6% decline in the last 24 hours. Despite the short-term shock heightened by whale outflows, BNB and XRP defied odds.
BNB price broke through $860, higher than the 2021 bull season, setting a record point since 2017. This month, BNB rallied 23% maintaining its drive from previous quarters. With a market cap above $110 billion, the asset continues to attract bulls amid cooling inflows.
“BNB leads with the lowest drawdown, confirming it is trading at or near its recent new all-time highs. Moreover, BNB consistently held the shallowest drawdowns throughout the year, never falling more than ~30% below its ATH. This reflects strong investor confidence and sustained demand, likely driven by BNB Chain activity and the token’s utility within Binance and BNB Chain ecosystems,” analysts added.
While BNB’s growth can be linked to the activities on the network, XRP saw inflows after positive regulatory leanings drove institutional interests over the roof. Previously, XRP remained in tight regulatory waters with the Securities and Exchange Commission (SEC) for offering alleged securities to the public.
 
However, things took a turn with Paul Atkin-led SEC backing more crypto use cases in mainstream finance and introducing new frameworks. Since Donald Trump’s inauguration, the US market has witnessed the formation of a crypto task force within the SEC to usher in clear rules and reduce regulatory bottlenecks.
This week, a White House working group gave recommendations to authorities on a regulatory roadmap. The report included determining the powers of the SEC and the Commodity Futures Trading Commission (CFTC). Similarly, the GENIUS Act for stablecoins rallied investors.
On the flipside, Ethereum has failed to hit 2021 highs despite significant upticks this year. According to CryptoQuant’s analysts, recent institutional accumulation was not enough to withstand sell pressure. The past week saw whales move large amounts of Ether to centralized exchanges, pointing to potential sales.
Source: https://zycrypto.com/xrp-and-bnb-lead-altcoin-momentum-eth-faces-sell-pressure-report/