Crypto News

BTC Stays Stable At $54K While XRP Surges 15% In One Day: Analysis


BTC stays stable at $54K with its price producing strong gains as other altcoins keep charting notable increases. XRP on the other hand, increased 15% in one day to $1.6 as we can see in our latest altcoin news below.

After the drop to $52,000, BTC reacted positively and regained $2000 of value in a few hours. However, the asset continued to get outperformed by most coins and its dominance got down to 48%. Ethereum reached another ATH yesterday while BNB spiked above $600. Most alternative coins were also on a roll with Ethereum leading the pack. After dipping below $2K, the second-biggest cryptocurrency went on a roll. ETH broke its previous ATH and marked a few consecutive ones with the latest one coming a few hours ago when ETH hit $2800.

btcusd
BTCUSD all time history on Index Source BTCUSD on TradingView.com

The native crypto of Binance surged in the past 24hours and BNB increased by 8% towards $615. Polkadot also increased 7%, Chainlink 5%, LTC 4%, and Cardano 1%. Ripple is still the best performer from the larger-cap altcoins with a notable 15% increase in one day and 50% in one week. As a result, XRP reached $1.6. Further gains were evident from Venus 34%, Huobi Token 27%, KuCoin 17%, and Polygon 10%.

market overview
Cryptocurrency Market Overview. Source Quantify Crypto

While the alternative coins went on a roll, BTC seems quite stuck. BTC stays stable still but the main cryptocurrency went on a weekly high of $56,500 a few days after the rumors that Facebook could buy some coins. However, it became evident that the assumptions were wrong and BTC retraced right away.  In the next few hours, the bears continued putting more pressure on the assert which resulted in another drop towards $52K but then the coin bounced off at the point and added another $2000 in value. Consequently, BTC trades at $54K at the time of writing. The increase wasn’t enough to market dominance with the metric comparing the BTC market cap with all other assets down to 48% and as a comparison, it was over 72% at the start of 2021. From the positive side, BTC’s market cap reclaimed $1 million.

As reported, According to the data from Tradingview, the BTC Dominance plummets to 50% marking the lowest point since 2018 ago. At the time of writing, it has recovered to 51.48%. The two-month consolidation period around 62% level ended in March when altcoins started taking off. At that time, its dominance fell over the entire month of April and shed about 12% to the current level.

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