Tuesday, November 29, 2022

Bitcoin Retested $30K While Ripple Surges 6% On A Daily Scale

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Bitcoin retested $30K while Ripple surges 6% on a daily scale and was among the biggest gainers from the larger-cap altcoins so let’s have a closer look at today’s latest Altcoin news.

Bitcoin retested $30K and Ether traded above $2000 while Ripple surges 6% on a daily scale which made it the biggest gainer among the larger-cap altcoins. After a few days below the $30,000 line, BTC jumped above it and challenged $31,000 earlier. Most of the altcoins are in the green today with XRP standing out as the biggest gainer. The crypto market hasn’t been in a bullish state for months but the situation got worse when BTC dumped by $15,000 at one point its lowest position since 2020 at $25,300.

btcusd
BTCUSD. Source TradingView

The asset recovered some ground and surpassed $31,000 days later but this was also short-lived with the bears returning to the scene and driving it again so BTC spent the majority of the next few days below $30,000. it even dipped to $28,500 and followed the reprots about massive BTC quantities that were deposited to exchanges but the bulls stepped up at this point and reversed BTC’s trajectory. In a few hours, the asset surged beyond $30,000 and hit $31,000 but it fell there and now trades again at $30,000 with a market cap of $575 billion. The dominance over altcoins increased to 45%.

Ethereum suffered quite badly in the recent correction and went from $3000 to $1700 in a few days similar to BTC it managed to bounce off and reclaimed $2000 days later. It dropped below the coveted mark on Wednesday and remained there for the bigger part but now with a 4% increase, it managed to go higher above $2000. Binance coin is north of $300 as well after a smaller daily jump and similar increases were evident from Cardano, DOT, DOGE, Solana, Avalanche, Tron, and LTC.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Ripple gained the most from the altcoins with a 5.5% increase that pushed XRP to above $0.4 ATOM, TFUEL, and UNI is among the biggest gainers from the lower cap altcoins. The market cap neared $1.3 trillion after a $50 billion daily increase.

As recently reported, The BTC options data suggests there is a growing bearish sentiment among investors after BTC dropped to almost $24,000 in the past week and brought many systemic risks within the ecosystem like rising inflation fears.

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