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After Another Volatile Weekend Bitcoin at $36K, Ripple Soars to $1 (Market Watch)


cryptopotato.com 31 May 2021 09:05, UTC
Reading time: ~2 m

Bitcoin continued with its recent price swings in the past 24 hours but the latest push has taken it to just over $36,000. Most alternative coins are also somewhat indecisive except for XRP. Ripple’s native digital asset has surged by 15% to $1.

Bitcoin’s $3K Price Swings

Following the latest rejection at the $40,000 price line, bitcoin has been gradually declining in value. The primary cryptocurrency dropped to $35,000 on Friday, and the weekend brought more adverse developments.

CryptoPotato reported the latest price dip in which the asset fell to a five-day low beneath $33,500. Although the bulls took control and recovered $3,000 in hours, the price swings were far from over.

Bitcoin kept losing value which resulted in yet another dip to $34,000. Nevertheless, the asset reclaimed some ground since then and currently stands above $36,000.

Its market capitalization, though, is still beneath $700 billion. The market dominance, comparing BTC’s market cap with the altcoins, sits around 43%.

XRP Spikes to $1; ADA Surpasses BNB

Most alternative coins have mimicked BTC’s performance as of late with similar ups and downs. Ethereum is a prime example as it dumped by a few hundred dollars in the past 24 hours again before it recovered most losses to about $2,500.

Cardano, which was gaining traction yesterday, has remained above $1.6 and has actually surpassed BNB as the fourth-largest cryptocurrency by market cap. In contrast, BNB, which is slightly in green, remains stuck around $330.

Nevertheless, Ripple’s native digital token has surged the most in the past 24 hours. XRP is up by roughly 15% to $1. The other larger-cap alts, including DOGE, DOT, ICP, UNI, BCH, LINK, and LTC, have remained somewhat stagnant on a 24-hour scale.

Interestingly, even the lower- and mid-cap altcoins have not displayed any significant price swings. Decred (14%) and XinFin Network (10%) are the only two tokens up by double-digits. In contrast, BakerySwap (-8%), Horizen (-7%), and Helium (-6%) have lost the most since yesterday.

As a result, the cryptocurrency market capitalization is still below $1.6 trillion.

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