BTC Stalls Near $30K As Ripple Lee Rally Fizzle
By Laxmikant Khanvilkar
Virtual digital assets (VDA) continue to feel the pressure from poor investor participation as the momentum provided by the Ripple ruling is lost to real world issues such as the impact on U.S. dollar from the monetary policy tightening and sluggish trade volume due to miners liquidity need forcing them to up selling pressure.
Apparently, Bitcoin (BTC) and Ethereum (ETH), the two largest crypto assets by market capitalization, have struggled and both stuck below their psychologically important price levels at $30,000 and $1,900.
It seems the rally led by last Thursday’s Ripple ruling has fizzled out.
BTC dropped below $30,000 mark in last 24-hours. It has since retreated and was recently trading at $30,059.32, down 0.38%.
Ether recently changed hands 0.07% lower at $1,910.80.
BTC has repeatedly failed to sustain above $31K mark in recent times. The expectation of this trend can be found in sales by bitcoin miners on price rallies, a possible sign that they are in need of capital, are bearish on BTC short term, and technical indicators that are pointing to 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 negative outlook continues to weigh on the global crypto market cap, which has eased 0.66% to $1.2 tn, over the last 24-hours. Simultaneously, the total crypto market volume shrink 8.81% to $32.02 bn. The total volume in DeFi is currently $2.46 bn and all stablecoins $28.78 bn, representing 7.70% and 89.89% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.42%, down 0.08%.
IC15 index, the barometer of top fifteen tokens, dropped 0.71% to 39,721.
Meanwhile, crypto enthusiasts can find some solace in the negative set up which is brought by Ripple’s native token XRP. Is has emerged as the best performer among the top 25 crypto assets over the last 24 hours, gaining 3.6%. XRP retook its place as the fourth largest digital asset by market value, toppling the embattled exchange giant Binance’s BNB token. Top altcoins such as Polygon’s MATIC, Solana’s SOL and Cardano’s ADA, have dropped between 2% to 5%.
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