XRP soars 8%, Bitcoin stops at $17K (Market Watch)


Bitcoin tried to win $17,000 but was held back as in previous attempts.

Most altcoins are trading with small losses today, with ETH dropping below $1,200. On the other hand, XRP stole the show with an 8% daily increase.

Bitcoin Fails Over $17K

After an unexpectedly quiet weekend in which bitcoin mostly traded around $16,500, the asset went straight south on Monday and Tuesday, falling first to $16,000 before falling to a two-year low of $15,500.

It immediately reacted to the multi-year low and recovered nearly $1,000 in the following hours. This resulted in a recovery to $16,000 and even a move towards $17,000.

However, the bears came out to play yesterday as BTC trended lower in the latest. So they made sure the asset didn’t get too close and pushed it back to $16,500 where it still trades today.

Market cap remains above $315 billion, but alt dominance is down to 38.2%.

Despite being about 75% off its all-time high last November, some on-chain analysts are warning that BTC could still move further south, at least according to UTXO.

BTCUSD. Source: TradingView

ripple shoots up

Alternative coins have made some significant gains recently, but most of them are now in the red. Ethereum went from under $1,100 to over $1,200 in a matter of days. However, now ETH is struggling below the latter after a small daily retracement.

Binance Coin, Cardano, Polygon, Polkadot, Shiba Inu, OKB and Solana are also slightly in the red from large-cap alts. LEO is down more than 8%. Litecoin is still down 3.5% after recently hitting a six-month high.

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Ripple, on the other hand, has emerged as the top performer today. XRP is up nearly 8% and has touched $40.

The cumulative market cap of all crypto assets has fallen by nearly $10 billion to less than $840 billion, with most low- and mid-cap altcoins losing small chunks of their value in the past 24 hours.

Cryptocurrency market overview. Source: Quantify Crypto

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Cryptocurrency Charts by TradingView.




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