• Fri. Dec 8th, 2023

Bitcoin Regains Dominance, Ripple (XRP) Falls, Dogecoin Surges

Bitcoin Regains Dominance, Ripple (XRP) Falls, Dogecoin Surges

4.05pm: Dogecoin is about to run

Dogecoin (DOGE) The meme coin led the blue-chip altcoin pack today, rising 6% to a 10-week high of US$0.072, with a market cap of US$10.7 billion.

The rally was overshadowed by the world’s biggest cryptocurrency, Bitcoin, which fell 3% on the day.

Dogecoin jumped ahead after Twitter boss Elon Musk approved the meme coin by pulling his Ð ticker symbol. Twitter bio.

Credit: Twitter/X/@elonmusk

On the same day that Twitter was rebranded as X, the famous blue bird logo was officially put out to pasture in place of an infamous X logo.

1.13pm: Crypto funds dip into the red

The last Digital Asset Fund Flows report issued by CoinShares shows a sharp pullback from significant inflows into cryptocurrency investment products over the past four weeks.

In the seven days to Friday, July 21, digital asset investment products saw outflows of around US$6.5m (£5m), compared with outflows of SU$137mln in the previous week.

In early July, outflows from major bitcoin and cryptocurrency investment vehicles run by CoinShares, 21Shares, ProShares and other major digital asset managers topped US$200mln as the price of bitcoin topped US$30,000.

Unusually for cryptocurrency fund markets, last week Ethereum beat Bitcoin, the second-largest cryptocurrency by market capitalization, compared to US$6.6mln of Bitcoin outflows.

However, short-BTC products, which bet against the price of bitcoin, also saw inflows of around US$5.5 million.

Ripple (XRP) saw inflows of US$2.6 million, while Solana (SOL) and Polygon (MATS) saw smaller inflows.

Ripple (XRP) has given investors confidence after a partial victory against the US Securities and Exchange Commission (SEC) earlier this month.

9am: Bitcoin regains dominance

Bitcoin (BTC) failed to recover the US$30,000 support line in weekend trades, barring a brief spell on Sunday afternoon, after selling pressure mounted around the US$31,000 price level.

However, Bitcoin dominance – a measure of its market capitalization against the crypto market as a whole – recovered 50% over the weekend after a small jump in altcoin prices.

At the time of writing, BTC/USDT was changing hands at US$29,800

Current buyers seem ready to support the BTC/UDST pair at $29,500, with resistance at $31,000, according to orders placed on Binance’s books.

Bitcoin bulls are hoping to bring the benchmark cryptocurrency back to the 30k to 31k channel, which has been the comfort zone for the past four weeks.

Bitcoin price chart

Bitcoin Fails to Recover 30k – Source: currency.com

Despite Bitcoin’s surge in market dominance, Ethereum (ETH), the second-largest cryptoasset by market cap, had a respectable Sunday trading session, adding 1.2% to hit US$1,888 at midnight.

The ETH/USDT pair lost around 0.7% this morning to bring the spot price back to US$1,875.

Ripple (XRP) down, Dogecoin (DOGE) up

Ripple (XRP) has started to lose value after surging more than 70 percent following a mixed success in a long-running dispute with the US Securities and Exchange Commission (SEC).

For the week, XRP fell 3.7% to US$0.72, while Bitcoin and Ether fell 1.5% and 2.8%, respectively.

Dogecoin (DOGE) advanced in the blue-chip altcoin space, adding an additional 5% overnight. Its market value is currently US$10.6 billion.

Twitter boss and longtime dog fan Elon Musk seems to have added the symbol of the meme coin to himself. Twitter bio.

The key stimulus to watch out for in the coming week is interest rate decisions from the US Federal Reserve and the European Central Bank, scheduled for Wednesday and Thursday respectively.

Both are expected to lead to another 25 basis point rate hike, though a surprise poses a risk to bitcoin’s gains and the broader cryptocurrency market.

The global cryptocurrency market capitalization currently stands at US$1.19 trillion.

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