Bitcoin

Bitcoin dominance is reaching its annual peak amid the XRP sell-off as the price slowly returns to $ 24,000

The price of Bitcoin (BTC) remained volatile on December 23. A fall to $ 22,800 triggered an ultra-fast rally of the classic resistance of $ 24,000.

Daily performance of the cryptocurrency market. Source: Coin360

BTC dominance has reached its highest level since the end of 2019

Data from Cointelegraph Markets, Coin360, and TradingView tracked the BTC / USD pair as factors such as panic among XRP traders created unstable conditions.

At the time of publication The pair was hovering around $ 23,700 after briefly topping the $ 24,000 selling level. All of this happened in the same hours that Bitcoin rose from its current level to $ 22,800 in a matter of minutes and vice versa.

BTC / USD 1-minute candlestick chart. Source: TradingView
Bitcoin dominance is reaching its annual peak amid the XRP sell-off as the price slowly returns to $ 24,000
Bitcoin dominance is reaching its annual peak amid the XRP sell-off as the price slowly returns to $ 24,000

Given the apparent volatility, attention turned to the altcoin outlook as problems at Ripple saw BTC’s dominance soar to year-long highs.

BTC dominance 1 year chart. Source: TradingView

“Historically, we did a roof construction in December, after which we had a wonderful first quarter for altcoins.” commented Cointelegraph Markets’ analyst MichaĆ«l van de Poppe speaks on Twitter about the dominance of Bitcoin.

Altcoins fail in another difficult December

Meanwhile, The XRP holder’s biggest ripple faces a new lawsuit from U.S. regulators over possible sales of unlicensed securities. If the Securities and Exchange Commission (SEC) wins your case, analysts are concerned that legal ramifications will effectively destroy the XRP trade.

As Van de Poppe suggested, Bitcoin’s advancement came at the expense of altcoins, with several top ten tokens posting daily losses. The largest Altcoin Ether (ETH) on that day was $ 611.

Cointelegraph found today that a large inventory from institutional giant Grayscale failed to sustain market sentiment after the company added $ 285 million in BTC to its assets under management on Tuesday.

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