This week, a significant capital shift occurred in the cryptocurrency market, moving from Bitcoin to major altcoins like Ethereum (ETH), Ripple (XRP), and EOS. These assets recorded substantial gains, with XRP surging 17% in 24 hours at the time of writing.
Key Market Shifts
- Bitcoin Dominance Decline: BTC's market dominance dropped from ~70% to 67.9% (CoinMarketCap), signaling growing altcoin momentum.
Analyst Insights:
- Mohit Sorout noted XRP was "oversold for three consecutive months."
- Bitazu Capital framed the rally as a "corrective rebound."
Ripple’s Controversial XRP Sales
Critics argue Ripple’s aggressive XRP sales (e.g., $251M in Q2 2019) created sustained sell pressure. A Change.org petition (3,500+ signatures) demanded Ripple halt sales, citing:
"Ripple’s ongoing large-scale dumping is unsustainable and misleads XRP holders."
Despite concerns, demand absorbed $250M+ quarterly sales without price collapse. Ripple later pledged to reduce market sales, easing pressure.
Technical Outlook
Analyst Rhythm highlighted XRP’s breakout against USD/BTC downtrends but cautioned:
"With Bakkt’s physically settled BTC futures launching soon, speculators may return to Bitcoin."
FAQ: Altcoin Market Revival
Q: Why are altcoins like XRP and ETH rallying?
A: Capital rotation from BTC, coupled with oversold conditions and reduced sell pressure (e.g., Ripple’s slowed XRP sales).
Q: Does Bitcoin’s declining dominance benefit altcoins?
A: Historically, yes. Lower BTC dominance often correlates with altcoin bullish phases.
Q: What risks do altcoins face?
A: Regulatory uncertainty, project sustainability, and BTC’s market influence (e.g., Bakkt futures impact).
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Data sourced from qkl123.com. Article originally published on 8BTC.
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