The volatility of Bitcoin combined with the current weakness of the Altcoins has resulted in a new annual high in market domination.
On December 23, the volatility of Bitcoin ( BTC ) continued, as after a downturn to $ 22,800, it went straight back to the resistance at $ 24,000.
BTC market domination reaches annual high
As can be seen from the data from Cointelegraph Markets , Coin360 and TradingView , the crypto market for Bitcoin is currently quite unstable, which is favored by the current panic of XRP investors.
At press time, Bitcoin is back at $ 23,700 after briefly topping the $ 24,000 mark. That fluctuation came in the same couple of hours, in which the market-leading cryptocurrency initially slipped to $ 22,800 before moving back up.
The market leader shows significant volatility, which, in connection with the problems of Ripple, has resulted in a new annual record for the market share of Bitcoin.
„In the past, BTC usually formed a blanket in December, which is followed by a strong first quarter for altcoins,“ as Cointelegraph Markets analyst Michaël van de Poppe sees the current dominance of Bitcoin as a sign that the remaining cryptocurrencies will soar soon.
XRP before the end?
For XRP, however, this could remain a pipe dream, because the American Securities and Exchange Commission has accused Ripple, the publisher of the large cryptocurrency, for the unauthorized sale of securities . Should XRP actually be classified as a security during the negotiations, this could have serious consequences for trading the cryptocurrency.
As Van de Poppe explains , Bitcoin’s record market domination is due to the overall weakness of Altcoins, as other top 10 cryptocurrencies have also recently posted losses. The leading Altcoin Ether ( ETH ), meanwhile, remains flat at $ 611.
The acquisitions by the large crypto asset management company Grayscale, on the other hand, did not provide a noticeable boost. On Tuesday, the crypto company bought BTC worth $ 285 million.