As Bitcoin loses its grip as the number one crypto, Ripple’s XRP takes centre stage to be the coin of the moment. This is after its tragic end to 2020 and slow start to 2021, XRP finally has painted a three-year high price surging to $1. BNB also followed the Ripple developed coin to paint a new all-time high above $380.
However, Bitcoin has again failed to break above the coveted $60,000. It initiated another bull run after dipping to $57,000 could not break the $60,000 resistance. Altcoins, however, have continued to surge as XRP’s massive increase and BNB new ATH has reduced Bitcoin’s dominance over the market.
The number one cryptocurrency dominance over other cryptos has dropped to a one-year low.
Bitcoin continues to lose grip as number one crypto
The price of the number one crypto fell again to $57,000 on Monday after several struggles to beat $60,000. It has added slightly above $1,000 as it trades at $58,100 at press time and has not pushed beyond $59,000 today (Tuesday).
Its inability to break $60,000 continues to cost it some of its market dominance. The metric comparing BTC’s market capitalization with all other cryptocurrencies has dropped below 55%, according to CoinMarketCap. Just a few weeks ago, bitcoin’s dominance was above 62%.
XRP to the moon
As the case between Ripple and the Security and Exchange Commission (SEC) holds today, the price of XRP went bullish. The asset has exploded in the past days and gone up by 70% during the week.
Recall that in the ongoing lawsuit between Ripple and the SEC, the authorities said they were redacting two documents in the lawsuit, this action according to Petr Kozyakov, CEO of the global payment network Mercuryo may have helped contribute to the XRP price growth.
Petr paints a possible bullish scenario for XRP noting that it might just be after its old ATH price. He harps on the fact that XRP users, investors, traders can push the coin price under the right circumstances.
With its price surge and possible vindication from its lawsuit with SEC, the coin might just yet be preparing to pull another surprise. Meanwhile, #RelistXRP has become a trending topic in the U.S which could massively lead to a pump in price.
BNB eyes $400 as altcoins continue to surge
Most larger-cap altcoins have remained stagnant except for XRP. BNB also in the past 24 hours has massively tanked surging by 12% and marked a new all-time high well above $380. It trades at $393 at press time.
Ethereum (5%), Polkadot (5%), Cardano (3%), Uniswap (4%), Litecoin (10%), and Chainlink (6%) are also in the green.
Stacks (103%), Bitcoin Gold (35%), Fantom (25%), Neo (19%), Tezos (19%), Ontology (17%), Ethereum Classic (16%), Avalanche (15%) are low cap coins that have also continued to surge.
Ultimately, the crypto market cap has reached $2 trillion, three months after it hit $1 trillion.