By Luke Flowers - Cryptocurrency Broker
The crypto giant Bitcoin has experienced a roller coaster of events in the past couple of weeks but has recently outdone altcoins such as XRP and Ethereum. This suggest more are looking to buy Bitcoin as reported on Newsbtc. On Wednesday, when Bitcoin was trading below 8% on the daily, ETH and XRP were down by almost 15%. Almost twice as many losses.
Despite the capitalisation recovery of the Cryptocurrency markets, both mentioned above performed poorly against Bitcoin. Traders believe that this trend may likely continue in the week to come as many could look to sell XRP and Ethereum.
XRP’s pair, which had the support of the 20-week basic moving average, was lost against Bitcoin, according to popular crypto trader Jacob Canfield. He further explains that if this continues to break and close lower, the XRP/BTC could drop more than this. Movement of the market in this direction strongly correlate with sentiment to sell XRP and buy Bitcoin.
BTC’s dominance metric is expected to hit 78% by the time March comes around according to trader Velvet. Current levels sit around 68.94% at time of writing. He goes on to say that this might be the case if the prices of XRP and ETH get a “slow bleed”, suggesting users could look to sell Ethereum and XRP in the times to come. He even asserts that Bitcoin will possibly hit $20,000 by March. If more were to buy Bitcoin and the price increased to this level, then dominance may be closer to his prediction.
Crypto hedge fund manager, BitBull’s CEO, Joe DiPasquale spoke to Forbes to say that the mentioned altcoins are likely going to suffer, which is possibly why XRP dropped to trade at its lowest price in the past two years. He goes on to say that the XRP project has always been sensitive to adoption-related news on money service and banking partners as they’ll represent the largest clients of Ripple. DiPasquale believes that with the recent price drop of Bitcoin, you could expect other cryptocurrencies to fall in price.
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