XRP Leading the Top Cryptocurrencies, Altcoins Jump over 10% As The Market Turns Green

  • The cryptocurrency market has turned green today.

Yesterday, Bitcoin dropped below $8,000 to $7,914 level which Jeff Dorma, the chief investment officer of asset manager Arca said has been

“less about the magnitude and more about the correlation and direction.”

But today, with 24 hours gains of 1.52%, the leading cryptocurrency has gone back above $8k, trading at $8,112, as per Coincodex.

Though low, trading volume has also risen to $266 million, this Dorman said means

“shorts are incentivized to keep pushing prices lower until they hit resistance.”

Commentators, however, are expecting BTC to drop to $6,000 level.

Analyst Benjamin Blunts also notes,

“GBTC already broke down on daily yet spot BTC hasn’t. For the last few months, has GBTC also been leading spot price by about 24 hours or so. This doesn’t look good for btc tbh.”

BTC dominance meanwhile, remains below 70% at 68.31% as altcoins record a higher jump than that of Bitcoin.

According to Joshua Frank, co-founder of TheTIE.io, a cryptocurrency analytics platform, since Bitcoin’s bull run this summer,

“a large decline in retail interest in the cryptocurrency,”

has been seen.

Altcoins, however, are enjoying the gains currently.

Among the top cryptocurrencies, XRP is the winner. The digital asset today touched $0.30, hitting a 7-day high after rising almost 7% in the past 24 hours.

XRP is followed by Stellar (6.20%) and Binance Coin (5.21%).

However, the top mover of today’s market is Basic Attention Token which is up by 11.91, trading at $59.19.

Other coins registering a surge of more than 10% are Monero (10.43%), NEM (10.42%), Dogecoin (10.60%), and Siacoin (11.20%).

While Bitcoin has been trading sideways this month, altcoins like XRP and Link recorded gains. Though a few coins like BNB, Matic, and REN among others are up a whopping more than 400 percent, the alt season hasn’t started yet. But with the positive momentum seen in the last few days, we just might see the top altcoins and a few other selective ones move closer to their all-time highs.

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Author: AnTy

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