Crypto Daily: Bitcoin reclaims dominance as Ripple (XRP) dips
Proactive Investors – (BTC) failed to recover the US$30,000 support line over weekend trades, barring a brief spell on Sunday afternoon, after selling pressure kicked in around the US$31,000 price point.
However, Bitcoin dominance – a measure of its market capitalisation against the crypto market as a whole – reclaimed 50% over the weekend after a brief surge in altcoin prices cooled.
At the time of writing, BTC/USDT was changing hands at US$29,800
Buyers currently appear willing to support the BTC/UDST pair at US$29,500, according to the orders placed on Binance’s books, with resistance pitched at US$31,000.
Bitcoin bulls will be hoping to bring the benchmark cryptocurrency back into the 30k to 31k channel which has been the comfort zone over the past four weeks.
Bitcoin fails to reclaim 30k – Source: currency.com
Despite bitcoin’s surge in market dominance, the second-largest cryptoasset by market cap, (ETH), had a decent Sunday trading session, adding 1.2% to hit the midnight bell at US$1,888.
The ETH/USDT pair has since lost around 0.7% this morning to bring the spot price back to US$1,875.
(XRP) down, (DOGE) up
Ripple (XRP) has begun losing value since ratcheting up over 70% following a mixed win in its long-running dispute with the US Securities and Exchange Commission (SEC).
Week-on-week, XRP has fallen back 3.7% to US$0.72, whereas bitcoin and ether have fallen back 1.5% and 2.8% respectively.
Dogecoin (DOGE) has ripped ahead in the blue-chip altcoin space, adding over 5% overnight. Its market cap currently stands at US$10.6bn.
Twitter boss and long-time DOGE fan Elon Musk appears to have added the meme coin’s symbol to his Twitter bio.
The main catalyst to watch out for in the week ahead will be the interest rate decisions from the US Federal Reserve and the European Central Bank, scheduled for Wednesday and Thursday respectively.
Both are expected to make another 25 basis point rate hike, though a surprise on the downside could provide a risk-on tailwind to the benefit of bitcoin and potentially the wider cryptocurrency market.
Global cryptocurrency market capitalisation currently stands at US$1.19tn.
