Bitcoin’s dominance is also reaching new heights as Ripple (XRP) continues to fall after clashes with the SEC, which can only mean good news for BTC.
Bad news for Bitcoin bears
The value of Bitcoin has undergone a small correction in the last 24 hours, which may have attracted altcoins with large capitalization. However, the world’s largest cryptocurrency managed to gain stability, and it recovered a little. At the time of publication, the cost of the BTC is 23,147 US dollars.
Ethereum also fell sharply. Trading volumes have fallen more than 3.55% in the past 24 hours, and ETH has fallen below the $ 600 support level, and is now trading at $ 579 at the time of publication.
Other large-cap altcoins have also fallen heavily: Bitcoin Cash (BCH) has fallen more than 12% in the last 24 hours, Polkadot (DOT) is down 6%, Chainlink (LINK) is down 14%, and Cardano (ADA) is losing more than 10%.
While Bitcoin has bounced back to the $ 22,900 mark, the market price of the world’s largest cryptocurrency has surged more than 8% over the past week after an all-time high. Crypto Analytics company Santiment noted that this is often seen with the volatility of BTC: altcoins did not receive favorable returns during this massive sell-off. The experts noted:
“Although Bitcoin has pulled back to $ 22,900, its market value has increased by 8% over the past week after reaching the current ATH of ~ $ 24,150 on December 20. As is often the case during BTC volatility, most alts have not received such favorable return”.
Analysts are optimistic about the BTC
Although Bitcoin has seen a small drop recently, many analysts remain optimistic about the cryptocurrency.
According to Ki Yong Joo, CEO of Cryptoquant, over the past 24 hours, 12,006 BTC were withdrawn from Coinbase, which went to storage in wallets. The CEO said it appears Coinbase is creating a new cold wallet for each customer after each OTC transaction for institutions. With the increasing number of institutions accepting Bitcoin, its price is likely to rise.
Mike McGlone, senior strategist at Bloomberg, recently commented on Bitcoin’s recent bullish growth. McGlone noted that this time around, BTC sellers are reluctant to resist, compared to the massive bitcoin rally seen in 2017. According to McGlone, Bitcoin will be less prone to sharp adjustments in 2021 than in 2017.
New record in dominance
Bitcoin’s dominance has reached a new high, and has not yet received much opposition. According to crypto analyst Willy Woo:
“Bitcoin dominance is becoming parabolic thanks to the XRP slaughterhouse, dragging a lot of altos with it”.
Another cryptocurrency trader, Scott Melker, found that Bitcoin’s lack of price reaction to the latest XRP news is optimistic for the cryptocurrency. He explained:
“Can we say how insanely optimistic it is that Bitcoin has not reacted at all to the news about XRP? The market didn’t seem to care.”
While Bitcoin’s dominance continues to be strong, analysts are increasingly optimistic about the cryptocurrency. The lack of BTC price volatility relative to recent XRP news may also be due to increased institutional adoption. The company Grayscale’s Bitcoin Trust recently added 12 319 PTS in GBTC in one day. Crypto-analysts have noted:
“That’s more than the 11,512 BTC they added in the entire past week when Bitcoin broke its ATH.”