Bitcoin (BTC) remained volatile on December 23 when a $ 22,800 drop led to a very rapid jump to the classic $ 24,000 resistance.
BTC dominance is at its highest since late 2019.
Data from Cointelegraph Markets, Coin360 and TradingView tracked BTC / USD as factors, including panic among XRP traders causing volatile conditions.
At the time of the press release, the pair was trading at $ 23,700 after a short cycle above the $ 24,000 selling level. All of this happened in the same few hours, when bitcoin moved from its current level to $ 22,800 in a matter of minutes and returned again.
Given the apparent volatility, attention has been drawn to the outlook for altcoins as issues with Ripple have pushed BTC to its highest level in a year.
Michael Van de Pope, an analyst at Cointelegraph Markets, told Twitter followers about the Bitcoin dominance movement: “Historically, we created the top structure in December, after which we had an impressive first quarter for altcoins.”
Altcoins get stuck next December
Meanwhile, the largest XRP holder, Ripple, is facing a new lawsuit from US regulators over a potential sale of counterfeit securities. If the SEC wins the case, analysts fear that XRP trading will actually be disrupted due to legal repercussions.
As Van de Poppe suggested, Bitcoin’s advancement has come primarily from altcoins, with many of the top ten tokens suffering daily losses. The largest altcoin, Ether (ETH), remained unchanged that day at $ 611.
Earlier in the day, Cointelegraph reported that major efforts by corporate giant Grayscale failed to dampen market sentiment after the company added $ 285 million in BTC to its assets under management on Tuesday.