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Tether (USDT), the largest stablecoin by market cap, experienced a surge at the start of this week, reaching a two-month high in terms of transaction volume. Tether's volume soared from $12 billion to an impressive $47 billion in just one day. The increase was due to the market fervor that occurred due to false news surrounding a spot Bitcoin ETF approval.

Tether witnessed a rise in volume with Santiment highlighting that its on-chain volume hit a two-month high. According to CoinMarketCap data, its 24-hour market volume rose from $12 billion on Sunday to a substantial $47 billion on Monday, marking a 290% increase. On Tuesday and Wednesday, the 24-hour volume remains close to $38 billion.

The crypto market has gained 0.4% over the past 24 hours. There was a fresh attempt to warm up the market with buying early Wednesday morning, but the market is avoiding acceleration in favour of a steadier rise. This is perhaps the most natural start to an uptrend, as many investors still see an opportunity to sell on the rise.

Bitcoin approached $29K again on Wednesday morning, enjoying increased demand after breaking above the 200-day moving average and the former resistance line of the ascending channel. There is now an active battle for the 200-week level, with consolidation above it at the end of the week likely to encourage further buying.

The XRP community is abuzz with speculation as Ripple's IPO rumors have resurfaced. Meanwhile, a multi-million-dollar XRP whale transaction coincides with renewed discussions about the company's potential initial public offering (IPO).

On Tuesday, an XRP whale made a move by transferring 409 million XRP tokens to an undisclosed but recently activated new wallet. The transaction, flagged by Whale Alert, occurred on October 17 and was sent from Dutch cryptocurrency exchange Bitvavo. It included a transaction fee of 20 XRP, equivalent to approximately $9.84 USD.

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Cryptocurrencies Price Prediction: Tether, Bitcoin & Ripple European Wrap 18 October - FXStreet