Ripple Gains While Bitcoin Remains Below $20,000
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The recent crash pushed Bitcoin below the $19,000 mark, but it gradually recovered. This move followed yesterday’s 6 percent gain. At the same time, Ripple Coin (XRP) seems to be the most prominent digital token in the rising trend.
Investors are suffering huge losses due to the ongoing crypto winter. Many believed that the Ethereum merger would halt the market’s downtrend. On the contrary, most altcoins, including BTC, are dropping their prices.
Bitcoin fails to jump above $20,000
Last week, Bitcoin made promising moves towards the $23,000 price level. But unfortunately, that’s where its upward journey ended. Since then, the situation in the crypto market has not been pretty, especially for investors.
After the introduction of the US CPI figures, BTC lost a few thousand more and fell to the $20,000 price limit. It held that position for a couple of weeks until it reached around $20,500 on Sunday.
It appeared to be bullish from the start of trading until Monday, when its price dropped massively and hit the $18,300 price level. The three-month low became its lowest falling benchmark. Since September 20, BTC got a bit of a push to reach $19,500.
A 24-hour gain of 1.72% reduced its weekly losses to about 10.90%. While this seems like a good price move, the token and crypto market remains in the red zone.
Recently, BTC fought back from the $19,000 price. It was making upward moves at that time. Unfortunately, BTC has lost about 2% of its value in the last 24 hours. It is possible that it will fall further before the market closes.
The token is now down to 39.4% relative to its dominance over other digital tokens. At the same time, its market value has fallen to around $360 billion.
Ripple XRP Growth Amid Bear Market
Amid the bleeding market, XRP (Ripple) seems to be among the upstarts in the spotlight. Its growth can be traced back to the recent incident between Ripple Labs and the SEC. Ripple is trading at $0.4, up 10% in the last 24 hours.
After Monday’s red zone parade, several other digital currencies got a boost yesterday. Unfortunately, the green glory didn’t last for many of these digital tokens by today’s market clock.
Ethereum was the digital asset that lost the most. The merger, as many believed, was meant to take Ether to green heights. Although it is likely, Ethereum is currently collapsing to an unknown price level.
A few days ago, Ethereum traded just above the $1,600 mark. Days later, it dropped to just under $1,300. At the time of writing, Ethereum is trading at $1,311, down about 1% in the last 24 hours.
Featured image from Pixabay, chart from TradingView.com