It seems that lately BTC manages to score a +$1000 every other day pushing ATH after ATH and the $30,000 prediction for the end of the year, that some traders been talking for a while might be in cards, and tbh quite easily achievable atm.
$20,000 was a multi year resistance that might turn into support once the bubble deflates, and hopefully leaves room for some proper altcoin season. Currently though BTC sits on a 69% market dominance, cooling down a bit actually after getting over 70% a few hours ago.
Not too many alts are partying with Bitcoin this Christmas, and definitely not XRP. Ripple's so called cryptocurrency has faced a massive drop the last week, after the SEC came out with the lawsuit against Ripple and a few of its leaders, among with company's CEO Brad Garlinghouse.
December 22, 2020, was the date when the fourth largest cryptocurrency by total market capitalization headed South, recording a 50% price drop in less than a day.
December 22, 2020, is also the day when Bitcoin gained more steam than most of us imagined it could and started rallying from around $22,000 to a bit over $28,000 recorded a few hours ago. Isn't that a nice coincidence?
I'd say it is, and I'd also say that probably most of the capital that got FUDed out of XRP might have poured onto the more reliable and trustworthy BTC, the king in crypto that has no CEO to be sued of anything, and gets pumped by Michael Saylor of MicroStrategy on a daily basis.
It took XRP two days to bottom out after the grand FUD triggered by the SEC lawsuit, wiping off almost everything the Spark airdrop added, but is it really bottomed? That's to be revealed in the days/weeks to come. Uncertainty still hovers around Ripple and its native cryptocurrency, and all that might have come as a bonus to the already strong BTC December rally.
Regarding Bitcoin, whether it has peaked at 71.5% market dominance leaving room for alts to get exponential needs to be seen, but for the moment seems like ETH has its party of its own. ETH has managed to add almost $70 to its price today, in just four hours and that's bullish as fuck for altcoins, as it is usually the altcoin season launching rocket.
For the moment BTC stalls at a bit over $27,000 while XRP, which seems to have seen its lunch eaten by le bitcoin, doesn't show any sign of recovery. It will do that for sure, as people tend to forget easily, and newbies entering the market once FOMO kicks in don't do too much research.
Meanwhile, BTC investors should thank Ripple and its leaders for helping with a few grands in price appreciation over the last few days, and the SEC as well. We haven't seen alts partying like they once used to though, so get your popcorn and a six pack and stay close to the market. Alts are not yet dead and this bull market won't give a shit about fundamentals once we really get to see FOMO.
Thanks for attention,
Adrian
Initially Posted Using LeoFinance Beta
