Ripple Explodes 22% Daily, Bitcoin Flat at $19K (Market Watch)
After marking a new three-month low yesterday, bitcoin went on the offensive and reclaimed $19,000.
Most altcoins are also slightly in the green today. Ripple, on the other hand, is this week’s best performer with a massive 60% surge. In the past 24 hours alone, the asset is up by more than 20%.
XRP Takes the Stage
The alternative coins had a few quite turbulent trading days, especially after the US Federal Reserve increased the interest rate by 75 basis points.
Ethereum, which has underperformed since last week’s Merge, dumped to a multi-month low at around $1,200. However, it began recovering value rather rapidly and bounced off to over $1,300. Another 4% increase in the past 24 hours has driven ETH to $1,330 as of now.
Binance Coin, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, MATIC, and Tron are also slightly in the green from the larger-cap alts.
Ripple, though, continues to steal the show. The native cryptocurrency has skyrocketed by another 22% in the past 24 hours to over $0.5. The asset has added over 60% of value on a weekly scale.
XLM, CRO, ALGO, XCN, and CHZ have all jumped by double-digit percentages from the lower-cap alts.
The crypto market cap is up to almost $950 billion after a $20 billion daily increase.
Bitcoin Goes Back to $19K
The primary cryptocurrency was also negatively impacted by the US Fed’s actions. It traded at $19,000 and jumped to $20,000 ahead of the central bank’s announcement.
In a matter of minutes, though, the asset plummeted by almost $2,000. As such, it painted a new three-month low of just over $18,000.
Nevertheless, the bulls stepped up at that moment and pushed BTC north. Yesterday, it touched $19,000, but it went to $19,500 earlier today. As of now, it has retraced by a few hundred dollars but still stands north of $19,000.
Its market capitalization is back beneath $370 billion, and its dominance over the altcoins has taken another hit to 39%.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.