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XRP Skyrockets 8%, Bitcoin Stopped Ahead of $17K (Market Watch)

Ripple Explodes 22% Daily, Bitcoin Flat at $19K (Market Watch)

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Bitcoin tried to break $17,000, but was stopped in its tracks like most previous attempts.

Most altcoins today are in slight losses as ETH falls below $1,200. XRP, on the other hand, has stolen the show with a remarkable 8% daily gain.

Bitcoin Fails Before $17,000

After an uncharacteristically quiet weekend that saw Bitcoin mostly hover around $16,500, the asset headed straight south on Monday and Tuesday, first falling to $16,000 before plunging to a two-year low of $15,500.

It reacted fairly immediately to a multi-year low and recovered almost $1,000 in the following hours. This resulted in a $16,000 chargeback and up to $17,000.

However, the bears came into play yesterday as BTC marched down the latter. As such, they prevented the asset from getting too close to it and pushed it back to $16,500, where it still trades now.

Its market value has remained above 315 billion dollars, but its dominant position in the alts has decreased to 38.2 percent.

Despite BTC being about 75% away from its all-time high set last November, some on-chain analysts warned that BTC may still be heading further south, at least according to UTXO.

BTCUSD. Source: TradingView

Ripple Skyrockets

Altcoins made significant gains recently, but most have now turned red. Ethereum went from under $1,100 to over $1,200 in a matter of days. However, now ETH is struggling below the latter after a small daily retracement.

Binance Coin, Cardano, Polygon, Polkadot, Shiba Inu, OKB and Solana are also slightly lower than larger alts. LEO is down more than 8 percent. Even Litecoin is down 3.5% the day after charting a six-month high.

Ripple, on the other hand, has emerged as the top performer for the day. XRP is up almost 8% and has reached $40.

With most small- and mid-cap altcoins losing small portions of their value over the past 24 hours, the cumulative market capitalization of all cryptocurrencies has fallen by about $10 billion to just under $840 billion.

Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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