Why XRP and other top crypto assets are stagnating against Bitcoin's 9% move
In the past 48 hours, the Bitcoin price rose by around nine percent from 7 . 740 dollar on 8. 462 Dollars. Over the same period, XRP, Ethereum and other top crypto assets stagnated or fell against the US dollar.
Factor 1: crypto traders are not so confident
Bitcoin's surge in the past two days has gone from a relatively strong resistance level to the next strong resistance area at $ 8. 400 about. Since exceeding the $ 8. 400 mark, BTC has been around $ 120 fallen and fighting again for an outbreak above the $ 8. 400 – brand
It is likely that traders did not expect a significant upward move of $ 7 in the short term 700 and speculated that $ 8 . 400 would represent the upper limit for the short-term increase in BTC. Over the same period, XRP's price actually fell about two percent against the USD and about ten percent against BTC. Ethereum remained stable against the USD, but fell nine percent against BTC.
In the past few weeks, the alternative crypto asset market has shown little sign of a full recovery despite the strong momentum of BTC. Most crypto assets like XRP and Ethereum gained in value when Bitcoin skyrocketed.
Therefore, Bitcoin's rise in value over the past 48 hours could show that investors are not saw enough upside potential in the dominant cryptocurrency to take relatively riskier options on alternative crypto assets like XRP.
Factor 2: Many altcoins like XRP recorded the first major rally in months
XRP recorded the largest one-day rally in eight months and rose within 24 Hours around amazing 10, 5 percent. Throughout the year 2019 most alternative crypto investments stagnated against both the USD and Bitcoin. Even investments like Ethereum, which had a strong performance in the middle 2009, ended the year with a net loss.
Investors should not have found any good reason to expect a real recovery in the altcoin market to come, especially when you consider that most crypto investments performed well below average in the past year.
Proof of text: newsbtc