Galaxy Digital: Surge of Retail Interest in Ethereum and XRP Behind Crypto Rally
The head of trading strategy at Galaxy Digital is reporting a sudden spike of interest in Ethereum, XRP and the altcoin market at large.
Josh Lim tells Bloomberg that after a dry spell, he’s seeing interest in the crypto space picking back up.
“Volumes have been a little bit lackluster since the sell-off.
But today, and starting over the last week, we’ve seen a resurgence of interest in alt-coins. The leaders in that regard have been Ethereum and Ripple.”
Lim points to increasing volume in emerging markets as a key factor.
“We are starting to see more demand pick up in the market. We’ve heard a lot of buyers coming out of emerging market economies.
There is certainly some interest coming out of Latin America. There’s a lot of unrest in other parts of the world.”
Data from Coin.dance shows trading volume spikes in Hong Kong, Venezuela, Colombia, Egypt, The Philippines and Singapore.
As for Bitcoin, Scott Melker of Texas West Capital warns that due to its sharp rise in a matter of hours, the king of crypto has reached a major level of resistance and could soon drop once again.
“I closed my shorter term BTC positions. That move had a lot of juice, would not be surprised to see some consolidation here or a bit of a drop.
Strong area of resistance. Will reconsider entry depending on what I see throughout the day…
This is just my short term portfolio which is 15% of my total. Between 60-70% of my portfolio sits in BTC regardless.”