Bitcoin Bottom Confirmed, Plus Good News for XRP...Is the Virtual Asset Market Now Reviving?

▲ Bitcoin (BTC), Dollar (USD), Wall Street / AI-generated image

As Bitcoin (BTC) defends its key support level and positive signals surrounding XRP continue, the overall sentiment in the virtual asset market is showing signs of reversal.

Crypto analyst Lark Davis stated in a video uploaded to his YouTube channel on April 29 (local time) that major assets, including Bitcoin and XRP, have formed historical bottom zones and entered a new upward phase. He emphasized that strong rebound signals are appearing in the market as on-chain data and corporate accumulation trends align. He particularly noted that institutional investors are increasing their accumulation for long-term holding, leading to exchange supply dropping to its lowest level in years.

Bitcoin appears to be solidifying its upward base by stably holding the $77,000 mark. Market expectations are growing as analysis suggests that the Market Value to Realized Value (MVRV) indicator has entered a historical bottom zone. Large capital outflows from Coinbase indicate that major investors are moving assets to personal wallets, which is considered a supporting factor for potential price increases due to future supply-demand imbalance.

XRP is receiving strong attention as messages from global exchange OKX and Ripple align. OKX released a symbolic message related to XRP through its official account, and Ripple CEO Brad Garlinghouse also reacted to it, drawing significant market attention. Large-scale marketing across Las Vegas and anticipation for the launch of the stablecoin RLUSD are also acting as factors strengthening the upward momentum.

The competitive dynamic between Ethereum (ETH) and Solana (SOL) also continues. Solana surpassed Ethereum in daily active addresses, demonstrating its ecosystem expansion. Meanwhile, Strategy maintained its Bitcoin buying strategy despite a net loss of $53.1 million in Q1, purchasing an additional 122 BTC in April alone, increasing its total holdings to 214,400 BTC.

Some uncertainties in the overall market also appear to be resolving. The legal risk has been cleared with the 4-month prison sentence for former Binance CEO Changpeng Zhao, and the slowdown in BlackRock spot ETF inflows is interpreted as a cooling-off period after short-term overheating. Investors are monitoring the Federal Reserve's monetary policy direction, seeking new buying opportunities stemming from liquidity changes.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*