XRP, one of the most widely recognized cryptocurrencies in the market, is currently lagging behind its peers and is the worst performer among the top 10 crypto assets. Despite recent gains, XRP has only experienced a modest 0.8% price pullback, which is significantly lower compared to the gains seen by other major cryptocurrencies such as Bitcoin and Solana.
Bitcoin, which recently bounced back to $73,000, has seen an impressive 8.4% increase in the past week. Similarly, Solana saw a 5.5% rise in the previous week, indicating a strong upward momentum. On the other hand, Dogecoin (DOGE), the market’s largest memecoin, has shown exceptional performance with a staggering 23.2% surge in just seven days.
The lackluster performance of XRP can be seen as a bearish sign, suggesting that the token is not attracting much attention from investors. This can be partly attributed to the increase in Bitcoin’s dominance, which has reached 60%. As a result, XRP’s dynamics have been affected, leading to its relatively stagnant movement.
Currently, XRP is trading at $0.5206, experiencing a 0.8% decrease in the last 24 hours. However, there has been a recent surge in market activity, as indicated by the 5.80% increase in trading volume, which now stands at $1,083,839,633.
Bitcoin, on the other hand, has been performing exceptionally well, surpassing the $73,000 mark and recording a significant increase in the past five days. This surge of more than 9% reflects a period of strong optimism in the market. As a result, Bitcoin’s market dominance has also increased, surpassing the 60% level for the first time since April 2021.
Since the beginning of 2024, Bitcoin’s market share has grown by approximately 17%, leaving altcoins behind. In just this month alone, Bitcoin has seen a growth of almost 5%.
It is important to note that the views and opinions expressed in this article, including those of the author and anyone mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries inherent risks of financial loss.