While Bitcoin recovered from Sunday’s quick $2K fall, it could not sustain its rise. BTC was outranked by altcoins, which had a bullish movement, with XRP leading the way with a 50% jump in just 24 hours. On Sunday, Bitcoin dropped sharply to $32K from $34K, shedding some of the profits it made earlier during Elon Musk’s Tweet.
However, the digital currency has been able to recover the loss as it rose to $34K as of writing this report. But Bitcoin’s dominance in the market has not been sustainable like before. This is evident in the overall crypto market movement as altcoins are seen outperforming the crypto leading asset, with XRP climbing to as high as $0.61.
BTC Eyeing $34K
The leading crypto asset made a surprising bullish move on Friday following Elon Musk, the world’s richest man’s Twitter bio updating his profile with ‘Bitcoin.’ In just a few hours, BTC rose heavily, gaining $7K. But unfortunately, the usual Bitcoin’s volatility played out after that, leading to a sharp retracement to its previous level.
This disappointing correction proved that the sudden rise in the BTC price was an unreliable breakout. While the asset appeared to have stabled in the $34K zone, a sharp fall by $2K on Sunday took the asset to a low of $32K. Nonetheless, Bitcoin has regained its earlier loss and is presently trading around $34K.
From the technical viewpoint, BTC met its first resistance around $34K and $35K. Meanwhile, it must break the resistance to sustain its bullish momentum. On the other hand, its support is located around the $32K and $31K range. It needs to break that level as a confirmation of a short-term correction of the bullish trend.
The rise in altcoins has caused a sharp reduction in Bitcoin’s dominance of the crypto market from 65% to 62% in three days. Also, the market capitalization of the overall crypto-world has steadied above $1 trillion.
The Altcoin’s Rapid Rise Led by the XRP
Most altcoins have not made a significant move since Friday, as they only recorded slight profits or losses. Ether fell by more than 2% to $1,314, while Chainlink and Cardano also fell by a similar percentage among the ten largest movers. But BTC Cash and Stellar rose by 1.2 and 3%, respectively.
Meanwhile, XRP has kept outperforming its counterparts among both major and alternative coins. After witnessing a continuous drop in price following the SEC’s lawsuits, XRP has been making a noticeable correction, indicating that it will likely resume its uptrend. Ripple’s XRP gained 50% in a single day and more than 150% in 3 days, heading to $0.68, but now reaching a resistance.
While some pundits think that the sudden rise stems from Ripple’s response to the SEC, other watchers believe an organized move to cause an artificial rise in the price, similar to what was witnessed in Dogecoin,s rise recently. Some of the alternative coins with their prices surge in recent days include Dogecoin, EOS, and Ampleforth, moving by 30%, 10%, and 20%. There are several other coins in the bullish territory.