Bitcoin

Bitcoin price spike is slowing as Polkadot gains 34% in the first week of the off-season.

Bitcoin (BTC) fell below $ 26,000 on December 29th when the new consequences of the looming demand for Ripple in the US were felt in the cryptocurrency markets.

Overview of the cryptocurrency market. Source: Coin360

BTC price falls as Coinbase stops XRP trading

Data from Cointelegraph Markets, Coin360 and TradingView showed this BTC / USD hit lows of $ 25,830 during Tuesday’s trading.

The support at $ 27,000 did not last overnight, resulting in a retest of lower levels now focused at $ 26,000. Bitcoin hit an all-time high of $ 28,400 over the weekend before quickly pulling back.

BTC / USD (Bitstamp) one hour candlestick chart. Source: TradingView
Bitcoin price spike is slowing as Polkadot gains 34% in the first week of the off-season.
Bitcoin price spike is slowing as Polkadot gains 34% in the first week of the off-season.

The recent losses are due to the fact that XRP, the fourth largest cryptocurrency by market cap, hits $ 0.23 thanks to the largest US exchange Coinbase, which decides to suspend XRP trading from next month.. The reason is a lawsuit by the US Securities and Exchange Commission (SEC), which classifies XRP as an unlicensed security and makes trading almost impossible.

“There will be an area-bound construction after which it will most likely explode again in 2021.”Cointelegraph Markets analyst MichaĆ«l van de Poppe on Monday summed up the near-term outlook for Bitcoin at a Video update.

The analyst was preparing for the off-season

Van de Poppe looks to the altcoin market next for big profits. Despite XRP, the market is already showing signs of life: Ether (ETH) rises above USD 700 this week for the first time since May 2018..

Another winner on Tuesday was Polkadot (DOT), now the seventh largest token by market capitalization.which saw a daily increase of 22.5% and capped the weekly yield to nearly 34%.

For Van de Poppe, the next “momentum wave” for Bitcoin should drive the market to $ 40,000 or $ 50,000 in 2021, but “by then, altcoins will most likely do well.”

Historical chart of bitcoin dominance. Source: CoinMarketCap

Furthermore, signaled a likely upper limit for the dominance of the Bitcoin market, which at almost 70% should soon give way to the presence of altcoins. December tends to see a spike in BTC dominanceWith 2017, Bitcoin’s first attempt to break above $ 20,000, it’s a remarkable comparison.

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