XRP Up 8%, Bitcoin Halts Before $17,000 (Market Watch)

Bitcoin tried to take down $17,000 but was stopped in its tracks as with most of its previous attempts.

Most altcoins had small losses today, with ETH dropping below $1,200. On the other hand, XRP stole the show with a notable daily gain of 8%.

Bitcoin failed before $17k

After an uncharacteristically quiet weekend that saw bitcoin hover mostly around $16,500, the asset went south on Monday and Tuesday, first dropping to $16,000 before dropping to a two-year low of $15,500.

It responded fairly immediately to a multi-year low, recovering nearly $1,000 in the following hours. This resulted in a recovery of $16,000 and even going to $17,000.

However, the bears came out to play yesterday as Bitcoin marched to the bottom of the latter. As such, they stopped the asset from getting too close to it and pushed it back to $16,500, where it is also trading now.

Its market capitalization remained above $315 billion, but its dominance over alternatives fell to 38.2%.

Despite dropping nearly 75% from its all-time high last November, some on-chain analysts have warned that BTC may continue heading south, at least according to UTXO.

BTCUSD. Source: TradingView

The ripple is flying

Altcoins have made some big gains recently, but most of them have now turned red. Ethereum went from under $1,100 to over $1,200 in a matter of days. Now, however, ETH is struggling through the latter after a slight daily recovery.

Binance Coin, Cardano, Polygon, Polkadot, Shiba Inu, OKB, and Solana are also slightly red from the larger alternatives. LEO has decreased by more than 8%. Even Litecoin fell 3.5% the day after recently to chart a six-month high.

On the other hand, Ripple has emerged as the best player today. XRP increased by almost 8% and reached $40.

With most low- and mid-cap altcoins losing small bits of value over the past 24 hours, the cumulative market capitalization of all crypto assets has fallen by nearly $10 billion to just under $840 billion.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto

XRP Skyrockets 8% After Bitcoin Halt Before $17K (Market Watch) debuts on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *