Markets
Ripple (XRP) defies market sentiment with 8% surge, Bitcoin (BTC) struggles at $66K (Market Watch)
Bitcoin’s price woes continued yesterday, with the asset falling to $65,300 for the first time since last Friday, amid uncertainty from the U.S. government.
Altcoins are also in the red today, apart from XRP, which had previously hit a multi-month high of over $0.66.
BTC Slipped to $65.3K
The leading cryptocurrency had a wild end to the previous work week, falling below $63,500 on Thursday, but immediately jumped to $67,000. The weekend was also quite volatile due to Donald Trump’s decision I wait at the Bitcoin Conference in Nashville, and the asset’s value rose and fell by three thousand dollars in a matter of hours on Saturday night.
Monday started on a positive note, with the cryptocurrency jumping to a 7-week high of $70,000. However, it was short-lived as the bears halted the move.
At this point Bitcoin was violently rejected and pushed south of nearly $5,000. As a result, it charted a multi-day low of $65,300 (on Bitstamp).
Although it has managed to recover some ground, BTC is still in the red on a daily basis at just over $66,000. Its market cap has fallen to under $1.310 trillion, while its dominance over alts has fallen to 52.3% on CG.
Bitcoin/Price/Chart 07/31/2024. Source: TradingView
XRP Defies the Odds
Most of the larger cap alts followed BTC down yesterday, and the picture is not that different today. While ETH, BCH, and ADA have seen minor losses over the past 24 hours, DOGE, TRX, AVAX, SHIB, LINK, DOT, and UNI are down around 3% each.
On the contrary, Ripple’s native token has defied the entire sentiment and hit a multi-month high above $0.66 today. You can check out some of the possible reasons behind this rally Here.
Since yesterday, KAS, XLM and BNB have seen an increase in value, but they are also exceptions.
The total cryptocurrency market cap has dropped by another $20 billion and is now down to $2.5 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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