Bitcoin Stable Around $54,500 While XRP Skyrockets 50% Weekly (Market Watch)

Following another drop to $52,500, bitcoin reacted positively and regained $2,000 of value in the following hours. However, the asset continues to be outperformed by most alternative coins, and its dominance is down to 48%. Ethereum reached yet another ATH yesterday, while BNB spiked well above $600.

ETH’s Latest ATH; XRP Surged 15%

Most alternative coins have been on a roll lately, with Ethereum leading the pack. After dipping below $2,000 a few weeks back, the second-largest cryptocurrency by market cap has been on a roll. ETH broke its previous all-time high and has marked several consecutive new ones. The latest came a few hours ago, as ether tapped $2,800.

Binance’s native crypto has also surged impressively in the past 24 hours. BNB is up by 8% and trades at $615. Polkadot (7%), Chainlink (5%), Litecoin (4%), and Cardano (1%) are also in the green.

Nevertheless, Ripple is the best performer from the larger-cap alts with a notable 15% increase in a day and 50% in the past week. As a result, XRP has neared $1.6.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains come from Venus (34%), Huobi Token (27%), OKB (27%), KuCoin Token (17%), NEAR Protocol (12%), Polygon (10%), THORChain (10%), and PancakeSwap (10%).

Ultimately, the cumulative market cap of all crypto assets has jumped to above $2.1 trillion.

Bitcoin Recovers $2K But Dominance Keep Falling

While the alternative coins are on a roll, bitcoin seems stuck at best. The primary cryptocurrency went to a weekly high at $56,500 a couple of days ago following rumors that Facebook might have bought some. However, as it became evident that the assumptions were wrong, BTC retraced almost immediately.

In the following hours, the bears continued putting pressure on the asset, which resulted in another drop to $52,500.

However, bitcoin bounced off at that point and added more than $2,000 of value. Consequently, BTC trades around $54,500 at the time of this writing.

This increase is not enough for bitcoin to protect its market dominance, though. The metric comparing BTC’s market capitalization with all other crypto assets is down to 48%. Just for comparison, it was over 72% at the start of 2021.

From the positive side, BTC’s market cap has reclaimed the $1 trillion mark.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.

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