Bitcoin dominance hits annual high amid XRP collapse

Bitcoin’s current dominance rate is 69.2%, according to CoinMarketCap, the highest in 15 months..

Despite a significant increase in the BTC rate in the fourth quarter, the volatility of the first cryptocurrency remains at a fairly low level. 180-day volatility is at its lowest level since February 2017. Bitcoin is currently trading in the $ 22-24K price range..

The XRP rate peaks exert significant pressure on the market due to legal action against Ripple and its executives by the US Securities and Exchange Commission. Since this became known, the price of the digital asset has dropped by more than 50% from $ 0.561 to $ 0.267 at the time of publication..

According to experts, if the regulator wins the case, then XRP may cease to exist due to the mass of legal obstacles. This prompts companies to abandon token-based products right now..

Bitcoin dominance hits annual high amid XRP collapse

The collapse of one of the leading cryptocurrencies has increased the influence of Bitcoin in the market, increasing its dominance rate to 69.2%. This rise in importance could spur traders to focus more on altcoins in the first quarter of 2021..

text: Ivan Malichenko, photo: Shutterstock, chart: TradingView

Bitcoin dominance hits annual high amid XRP collapse

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