Ripple Explodes 22% Daily, Bitcoin Flat at $19,000 (Market Watch)


After hitting a new three-month low yesterday, bitcoin went on the offensive and recovered $19,000.

Most altcoins are also slightly in the green today. Ripple, on the other hand, is the top performer this week with a massive 60% increase. In the past 24 hours alone, the asset is up more than 20%.

XRP comes into play

Alternative coins had a pretty turbulent few days of trading, especially after the US Federal Reserve hiked the interest rate by 75 basis points.

Ethereum, which has underperformed since last week’s meltdown, fell to a multi-month low at around $1,200. However, it started to recover in value quite quickly and bounced back over $1,300. Another 4% increase in the past 24 hours has taken ETH to $1,330 so far.

Binance Currency, gimbalSolana, Dogecoin, Polkadot, Shiba Inu, MATIC, and Tron are also slightly in the green of larger-cap alts.

Ripple, however, continues to steal the show. The native cryptocurrency has skyrocketed another 22% in the past 24 hours to over $0.5. The asset added more than 60% in value on a weekly scale.

XLM, CRO, ALGO, XCN and CHZ all jumped double-digit percentages from the small-cap alts.

The crypto market capitalization hits nearly $950 billion after a daily increase of $20 billion.

Presentation of the cryptocurrency market.  Source: Quantify Cryptography
Presentation of the cryptocurrency market. Source: Quantify Cryptography

Bitcoin goes back to $19,000

The major cryptocurrency was also negatively affected by the actions of the US Fed. It traded at $19,000 and surged to $20,000 ahead of the central bank’s announcement.

Within minutes, however, the asset dropped nearly $2,000. As such, it painted a fresh three-month low of just over $18,000.

Nonetheless, the bulls intensified at this time and pushed BTC north. Yesterday it touched $19,000 but fell to $19,500 earlier today. For now, it has retreated a few hundred dollars but is still north of $19,000.

Its market capitalization has fallen back below $370 billion and its dominance over altcoins has taken another hit to 39%.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

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Cryptocurrency Charts by TradingView.

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