Altcoins are performing great in the cryptocurrency market all of a sudden. Ripple’s XRP and payments token Stellar Lumens have been driving the market rally of altcoins while BTC has taken a backseat. These altcoins are witnessing an overall increase in both market volume and capitalization.
Current market conditions at a glance
Bitcoin might have been dominating market conditions for this long this year, but Altcoins seem to have finally swayed the market to their favor. While BTC ran out of steam a little above the $10k level, Ethereum has held on to gains above the $200 level. The bullish fundamentals for ETH have been encouraged further by the recent BitPay support announcement. The ETH’s gold cross confirmed the change of fortune on the four-hour chart.
Ethereum has succeeded in gaining a march ahead by another 7% from below $200 to top $211 today. According to Tradingview.com, the altcoin peaked at $215 some hours ago and then finally retreated a little. It is trading at its highest, in more than a month and is currently looking at the resistance level lying ahead, above the $230 price area.
Ripple performing the best
Yes, Ripple token has finally shed off its year’s low and surged up by 20%, from the value it was trading at, in May. XRP had been wavering at the $0.6 level for the majority of the month, before it experienced a surge yesterday and continued to rise till it reached $0.31, before retreating a little itself.
If rumors are to believed, the altcoin may be expecting a tie-up with the San Francisco based blockchain platform, Coinbase. XRP is definitely looking to adopt centralization, what with it moving its tokens around.
Today’s top market performer in the crypto space? Not Bitcoin, not Ethereum – it’s XRP. Tron and Tezos are other altcoins which are performing well. BTC, however, is beginning to lose market dominance slowly.
Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.