Bitcoin Languishes Below $30K; XRP In Spotlight
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) are falling out of investor choice for now as the spotlight has turned to smaller tokens led by Ripple’s native token XRP which is now a third largest cryptocurrency by market capitalisation.
Investors are excited by the last week’s U.S. federal court decision, which established that XRP token sales on exchanges and through algorithms did not constitute investment contracts. The ruling has spurred a number of exchanges such as Coinbase, Kraken and Bitstamp to relist XRP, leading to a jump in investments, trading volumes and open interest for futures contracts.
With focus being shifted to smaller tokens amid unsupportive macro indicators, Bitcoin (BTC) and Ethereum (ETH), the two largest crypto assets by market capitalization, are languishing below their psychologically important price levels at $30,000 and $1,900 respectively.
BTC stayed below $30,000 mark in last 24-hours. It was recently trading at $29,998.60, down 0.17%.
Ether witnessed a sharp drop of 0.96% to changed hands at $1,893.52.
BTC has repeatedly failed to sustain above $31K mark in recent times. Bitcoin miners are cashing on price rallies, suggest that they are in need of capital, which according to analysts, forces to maintain bearish outlook on BTC in short term. Technical indicators are also pointing to continuation of downward pressure.
Experts have warned of further weakness in Bitcoin prices and expect it to drop near $25k to $27k before experiencing any bullish waves.
The global crypto market cap, edged up 0.20% to $1.2 tn, over the last 24-hours. Simultaneously, the total crypto market volume fell 2.29% to $31.28 bn. The total volume in DeFi is currently $2.03 bn and all stablecoins $27.93 bn, representing 6.47% and 89.30% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.35%, down 0.06%.
IC15 index, the barometer of top fifteen tokens, gained 0.16% to 39,875.
Meanwhile, the smaller tokens are once again in action mode and have collected far better gains in prices as compared to their large counterparts such as BTC. XRP, the native token of the Ripple payment system, soared nearly 10% in the past 24 hours, gaining the most among the top 20 cryptocurrencies by market capitalization. XRP was changing hands at around $0.84, not far off its recent high of $0.93 recorded shortly after last Thursday’s court decision.
XLM, the Ripple-adjacent Stellar network’s token, surged 24%. Cardano’s ADA and Solana’s SOL were up roughly 6%, while popular memecoin dogecoin (DOGE) rose 4% after Twitter owner and Tesla CEO Elon Musk posted a dog-themed tweet.
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