Bitcoin dominance hits 1-year peak amid XRP sell-off as $24K briefly returns

Bitcoin (BTC) sustained volatility on December 23, when a jump to $ 22,800 triggered a lightning-fast rally to the classic resistance of $ 24,000.

Daily performance of the cryptocurrency market. Source: Coin360

The BTC dominance is highest since late 2019

Data from Cointelegraph Markets, Coin360, and TradingView tracked BTC / USD as a factor, including panic among XRP traders that led to unstable conditions.

At press time, the pair orbited $ 23,700 after briefly trading above sell levels at $ 24,000. All of this happened in the same hours that Bitcoin rose from current levels to $ 22,800 and back again in a matter of minutes.

BTC / USD 1 minute candlestick chart. Source: TradingView

Given the volatility noted, attention turned to the outlook for altcoins as issues at Ripple pushed BTC dominance to a year high.

BTC dominance 1 year chart. Source: TradingView

“Historically, we built a top structure in December, after which we had a wonderful first quarter for Altcoins,” commented Michaël van de Poppe, analyst at Cointelegraph Markets, the Twitter followers on Bitcoin dominance actions.

Altcoins flounder in another December attempt

Meanwhile, the largest XRP owner, Ripple, is facing a new lawsuit from U.S. regulators over potential sales of unlicensed securities. Should the Securities and Exchange Commission (SEC) win its case, analysts fear that the legal ramifications will effectively destroy the XRP trade.

As Van de Poppe suggested, Bitcoin’s advancement came at the expense of Altcoins, with various top ten tokens recording daily losses. The largest Altcoin Ether (ETH) on that day was $ 611.

Cointelegraph found earlier this morning that a large inventory hold by institutional giant Grayscale hadn’t improved market sentiment after the company added $ 285 million in BTC to its assets under management on Tuesday.

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