XRP Crashes Bitcoin Struggles - Weekly Finance News

Last updated on August 8, 2023

The cryptocurrency market has experienced a steady decline over the past 24 hours, with many large-cap coins showing losses. As a result, the total market capitalization has fallen towards the $1.2 trillion mark, largely due to altcoin losses.

The lack of volatility in the market has raised concerns, as the trading volume remains relatively low at around $27 billion in the past 24 hours. Bitcoin’s price is currently down 0.2% for the day, struggling to stay above $29,000. This price level has been relatively stable for the past week, with little movement in either direction.

Source: TradingView

The chart above shows that the price attempted to make a move, but it was quickly halted around $29,200 and pushed back down to $29,000. It is worth noting that Bitcoin’s dominance has been trending upwards, indicating that it has performed better compared to altcoins.

In the past 24 hours, the majority of large-cap altcoins have seen declines, as shown in the heatmap below.

Source: Quantify Crypto

Apart from Bitcoin Cash, Toncoin, and Chainlink, most other altcoins are in the red. This is why Bitcoin’s dominance has been increasing recently. XRP, one of the top 10 cryptocurrencies by market cap, has dropped by over 3%, reaching the important resistance level at $0.6. It remains to be seen if the price will hold at this level and if the bulls will be able to defend it.

In a market largely dominated by losses, XDC Network (XDC) has been the best performer, with a 7% gain. Kaspa and Rollbit Coin follow with gains of 3.4% and 2.1% respectively. Meanwhile, FLEX Coin (FLEX) and Shiba Inu (SHIB) are the worst performers, down 9.8% and 5% respectively. It appears that SHIB’s rally has started to cool off.

For more information on the XRP crash and Bitcoin’s struggle to stay above $29,000, you can read the full article here.