Bitcoin sees great volatility and a dispute between high and low levels, while highcoin traders feel the pain of an XRP settlement.
Bitcoin domain reaches 1 year maximum amid XRP settlement
Bitcoin (BTC) kept volatility coming on December 23, as a fall to $22,800 caused a rapid recovery to classic resistance of $24,000.
Daily performance of the cryptomoeda market.
„Historically, we’ve done a high-level structure in December, after which we had a wonderful first quarter for altcoins,“ analyst Michaël van de Poppe of Cointelegraph Markets told Twitter followers about Bitcoin Investor dominance action.
BTC has the largest domain since 2019
Data from Cointelegraph Markets, Coin360 and TradingView followed a number of factors from the BTC/USD pair, including panic among XRP traders, which made unstable conditions prevail.
To date, the pair was trading around $23,700, after a brief title above sales levels of $24,000. All this happened at the same time, which saw Bitcoin go from its current levels to US$ 22,800 in a matter of minutes and vice-versa.
1 minute BTC / USD candle chart. Source: TradingView
With the volatility evident, attention turned to the outlook for the altcoins, as Ripple’s problems brought BTC dominance to one-year highs.
1-year BTC dominance chart.
Altcoins fail in another difficult December
Meanwhile, the largest holder of XRP, Ripple, is facing a new process from U.S. regulators over potential sales of securities without authorization. Should the Securities and Exchange Commission (SEC) win the case, analysts fear that XRP trading will be effectively destroyed due to legal ramifications.
As Van de Poppe suggested, the advancement of Bitcoin has come at the expense of the altcoins more widely, with several top ten tokens showing daily losses. The largest altcoin, Ether (ETH), was stable on the day at US$ 611.
Earlier today, the Cointelegraph noted that a major effort by institutional giant Grayscale failed to cheer the market after the company added $285 million in BTC to its assets under management on Tuesday.