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Bitcoin Retests $30K as Ripple Spikes 6% Daily (Market Watch)

Former US Treasurer Says BTC and ETH Are Speculative, Backs XRP Instead


After a few more days spent underneath the $30,000 line, bitcoin finally jumped above it and even challenged $31,000 earlier. Most altcoins are also slightly in the green today, with XRP standing out as the most impressive gainer from the larger-cap ones.

BTC Touched $30K

The cryptocurrency market has not been in a bullish state for months, but the situation worsened last week when BTC dumped by $15,000 at one point to its lowest position since December 2020 at $25,300.

The asset recovered some ground and briefly exceeded $31,000 days later. This was short-lived, though, as the bears returned to the scene and drove it south once more. Thus, bitcoin spent the majority of the next several days below $30,000, as reported.

It even dipped to $28,500 yesterday, following reports about massive BTC quantities being deposited to exchanges. Nevertheless, the bulls stepped up at this point and reversed bitcoin’s trajectory.

In a matter of hours, the asset spiked beyond $30,000 and neared $31,000. Despite failing there, bitcoin still trades above $30,000, and its market capitalization stands at $575 billion. Moreover, its dominance over the altcoins has increased to roughly 45%.

BTCUSD. Source: TradingView

XRP Leads the Way, ETH Taps $2K

Ethereum also suffered quite badly during the most recent correction and went from $3,000 to $1,700 in days. Similar to BTC, it bounced off at that point and reclaimed $2,000 days later.

However, it fell below that coveted mark on Wednesday and remained there for the most part. Now, though, a 4% daily increase has pushed the second-largest crypto to just above $2,000.

Binance Coin is also north of $300 after a minor daily jump. Similar increases are evident from Cardano, Solana, Polkadot, Dogecoin, Avalanche, Tron, Shiba Inu, and Litecoin.

Ripple has gained the most from the larger-cap alts with a 5.5% increase, which has pushed XRP to above $0.4. ATOM, ICP, UNI, and TFUEL are among the most notable gainers from the lower-cap altcoins.

The crypto market capitalization has neared $1.3 trillion following a $50 billion daily increase.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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