- Altcoin traders feel the pain of an XRP sale as Bitcoin struggles between major volatility and bullish and bearish levels. Bitcoin (BTC) saw a rapidly rising buying wave to the classic $ 24,000 resistance as it dropped to $ 22,800 on December 23.
Altcoin traders feel the pain of an XRP sale as Bitcoin struggles between major volatility and bullish and bearish levels. Bitcoin (BTC) saw a rapidly rising buying wave to the classic $ 24,000 resistance as it dropped to $ 22,800 on December 23.
BTC dominance reaches its highest level since the end of 2019
Data from Cointelegraph Markets, Coin360, and TradingView followed BTC / USD as factors involving panic that caused unstable conditions to prevail among XRP traders.
At the time of writing, the pair was located at $ 23,700 after breaking above the $ 24,000 selling levels for a short time. All of this happened within a few minutes of Bitcoin and a few hours back at $ 22,800.
When the surge proved conclusive, attention turned to altcoin prospects as problems with Ripple raised BTC dominance to one-year highs.
“Historically, we built a superstructure in December and then had a great first quarter for altcoin,” Cointelegraph Markets analyst Michaël van de Poppe told Twitter followers about the Bitcoin domination action.
Altcoins fluctuate in another try in December
Meanwhile, Ripple, the largest XRP holder, is facing a new lawsuit from US regulators over potential sales of unlicensed securities. If the Securities and Exchange Commission (SEC) wins its case, analysts worry that XRP trading will be effectively destroyed due to legal consequences.
As Van de Poppe implied, the advancement of Bitcoin has affected the value of altcoins, and the top ten tokens in various industries have seen daily losses. The biggest altcoin Ether (ETH) remained steady at $ 611 per day.
Earlier today it showed that Grayscale’s massive stocking effort failed to stimulate the market mood after the company added $ 285 million BTC to its managed assets on Tuesday.