Monero (XMR) trades around $375 at press time on Friday, displaying mild retracement after over 3% gains the previous day. The privacy coin steadily recovers demand in the derivatives market as traders anticipate further upside amid a broader market risk-on phase.
Cardano (ADA) remains under pressure, trading below $0.250 on Friday as price action stays muted below key resistance levels. On-chain data from Santiment shows that certain whale wallets are reducing their holdings, increasing selling pressure.
The broader cryptocurrency market retains its newfound risk appetite as Bitcoin (BTC) holds above $78,000 on Friday, despite the US-Iran peace negotiations becoming volatile. Meanwhile, Zcash (ZEC), Chiliz (CHZ), and Algorand (ALGO) emerge as top performers over the last 24 hours.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are supporting a constructive outlook on Friday after surging by 6%, 2% and 3% so far this week, respectively.
Bitcoin's (ETH) recovery above $76,000 has strengthened expectations that the asset could reclaim $80,000 in the near term, as analysts point to rising institutional demand and improving market structure as support for further upside.
DeFi's recent wave of consistent hacks and stalled total value locked (TVL) is weakening its institutional appeal, according to JPMorgan analysts led by Nikolaos Panigirtzoglou, in a report late Wednesday.