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October 4, 2022
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Ripple (XRP) back to the top 4: BTC dominance drop

New records among altcoins with Ripple reaching a 3-year high above $ 1.10 and BNB exceeding $ 410 continue to reduce BTC’s market dominance.

Although bitcoin is just under $ 60,000, some altcoins took advantage of the moment and recorded impressive gains. In addition to BNB’s newest price records, Ripple also has another notable performance. XRP exceeded $ 1 for the first time since mid-2018 and regained 4th place in terms of market capitalization.

Rise of altcoins; XRP back in the top 4

There are several signs of a high season going on. And looking at the graphs, it is difficult to argue against.

Ripple is among the best performers, after somewhat positive news of the lawsuit against the SEC. Ripple gained access to the SEC’s internal crypto documents in a court hearing yesterday.

However, XRP has been on the rise for several consecutive days. It has gained about 100% since April 4 and jumped to more than $ 1.10 earlier today. Of course, the asset’s market capitalization has also increased, and XRP has now become the fourth largest cryptocurrency by market value.

Binance Coin has another notable performance, as the BNB has set yet another new record above $ 410.

Cardano (5%), Litecoin (6%), Chainlink (7%) and THETA (8%) are also in the green. In contrast, Ethereum fell slightly and is just under $ 2,100, Polkadot is down 4% and UNI fell by about 2% on a 24-hour scale.

More earnings come from Bitcoin Gold (45%), Helium (33%), Qtum (32%), OMG Network (22%), KuCoin Token (22%), Ethereum Classic (16%), Solana (14%), VeChain (14%), Celsius (12%) and more.

Bitcoin keeps fighting for 60k

Altcoins have reduced a considerable part of bitcoin’s dominance over the crypto market. The metric fell to an initial low of around 55%. For comparison, it was well over 70% at the beginning of January 2021.

This is a result of the BTC’s inability to win back its target at $ 60,000. The asset tried several executions, but was rejected on all occasions.

In the past 24 hours, bitcoin has dropped to a low of just over $ 57,000. Despite adding about $ 1,500 and touching $ 58,800 (on Bitstamp), BTC is still in the red on a 24-hour scale, as it has returned to $ 58,000.

Technical indicators show that $ 58,355 is bitcoin’s first resistance line on its way to the next at $ 60,000. Only if the asset exceeds both, can it move towards unknown territory.

Alternatively, support levels at $ 56,400, $ 54,675 and $ 54,000 could help in the event of another setback.

Ripple (XRP) back to the top 4: BTC dominance drop 22

Source: CryptoPotato

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