Bitcoin dominance hits 1-year peak amid XRP sell-off as $24K briefly returns


Bitcoin (BTC) held volatility on December 23, when a $ 22,800 dive triggered a lightning-fast rally to classic $ 24,000 resistance.

Daily performance of the cryptocurrency market. Source: Coin360

BTC dominance hits the highest since the end of 2019

Data from Cointelegraph Markets, Coin360 and TradingView track BTC / USD as factors including panic among XRP dealers made unstable conditions prevail.

At press time, the pair circled $ 23,700 after briefly going above sales levels of $ 24,000. All of this happened in the same few hours that Bitcoin went from current levels to $ 22,800 in a matter of minutes and back again.

BTC / USD 1 minute candlestick. Source: TradingView

With volatility clearly evident, attention was drawn to the outlook for altcoins as problems at Ripple sent BTC dominance to a year’s highs.

BTC dominance 1-year chart. Source: TradingView

“Historically, we made a top structure in December, after which we had a wonderful first quarter for altcoins,” said Cointelegraph Markets analyst Michaël van de Poppe. commented to Twitter followers about Bitcoin dominance action.

Altcoins scrubs in yet another trying December

Meanwhile, the largest XRP holder is the Ripple is facing a new lawsuit from U.S. regulators over potential sales of unlicensed securities. Should the Securities and Exchange Commission (SEC) win its case, analysts are concerned that XRP trading will be effectively destroyed due to the legal implications.

As Van de Poppe suggested, Bitcoins progress at the expense of altcoins more broadly, where various top ten tokens experienced daily losses. The largest altcoin, Ether (ETH), was flat on the day at $ 611.

Earlier today, the Cointelegraph noted that a major inventory effort from institutional giant Grayscale did not weaken market sentiment after the company added $ 285 million in BTC to its assets under management on Tuesday.

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