XRP Skyrockets 8%, Bitcoin Stopped Ahead of $17K (Market Watch)

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Bit­coin tried its hand at tak­ing down $17,000 but was stopped in its tracks as with most of its pre­vi­ous attempts.

Most alt­coins are with slight loss­es today, with ETH slid­ing below $1,200. XRP, on the oth­er hand, has stolen the show with a notable 8% dai­ly increase.

Bitcoin Fails Ahead of $17K

After the untyp­i­cal­ly calm week­end in which bit­coin stood most­ly around $16,500, the asset head­ed straight south on Mon­day and Tues­day, first­ly drop­ping to $16,000 before plum­met­ing to a two-year low of $15,500.

It react­ed rather imme­di­ate­ly to the mul­ti-year bot­tom and recov­ered almost $1,000 in the fol­low­ing hours. This result­ed in reclaim­ing $16,000 and even head­ing towards $17,000.

How­ev­er, the bears came out to play yes­ter­day as BTC was march­ing down the lat­ter. As such, they stopped the asset from get­ting too close to it and pushed it back down to $16,500, where it trades now as well.

Its mar­ket cap has remained above $315 bil­lion, but its dom­i­nance over the alts is down to 38.2%.

Despite being about 75% away from its all-time high marked last Novem­ber, some on-chain ana­lysts warned that BTC might still head fur­ther south, at least accord­ing to the UTXO.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Ripple Skyrockets

The alter­na­tive coins marked some sub­stan­tial gains recent­ly, but most have turned red now. Ethereum went from under $1,100 to over $1,200 in a few days. Now, though, ETH strug­gles below the lat­ter after a minor dai­ly retracement.

Binance Coin, Car­dano, Poly­gon, Polka­dot, Shi­ba Inu, OKB, and Solana are also slight­ly in the red from the larg­er-cap alts. LEO has plum­met­ed by over 8%. Even Lite­coin is 3.5% down on the day after chart­ing a six-month high recently.

Rip­ple, on the oth­er hand, has popped out as today’s top per­former. XRP is up by almost 8% and has tapped $40.

With most low­er- and mid-cap alt­coins los­ing small chunks of val­ue in the past 24 hours, the cumu­la­tive mar­ket cap of all cryp­to assets has declined by approx­i­mate­ly $10 bil­lion to just under $840 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
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Cryp­tocur­ren­cy charts by TradingView. 

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