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After a sharp drop that led BTC for another retest of $32,000, the asset has recovered and climbed back up to nearly $34,000, as of now. However, its dominance continues to decrease as some alternative coins have outperformed their leader, including XRP surging above $0.60.

Bitcoin Eyes $34,000

The primary cryptocurrency went through a roller-coaster on Friday after Tesla’s CEO Elon Musk updated his Twitter profile to include “Bitcoin” as the only description.

The asset responded with an impressive leg up in which BTC gained nearly $7,000 of value in merely hours. However, the market’s highly volatile nature was exemplified once again as bitcoin correction just as sharply to its previous price tag, which turned to be a false breakout.

Although it seemed that the asset had calmed around $34,000, a sudden drop by more than $2,000 yesterday brought it to a daily low of $32,000 (on Bitstamp). Nevertheless, BTC has recovered most losses and currently trades just below $34,000.

From a technical perspective, bitcoin’s first resistance lines are situated at $34,000, $34,450, and $35,000 if it’s to resume the bull run. Alternatively, the support levels at $32,500, $32,000, and $31,200 support could assist in case of another abrupt drop.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

The Altcoins: The Ripple Show

Most alternative coins have stayed relatively calm since the start of the weekend with minor gains or losses. Ethereum has declined by less than 3% to $1,315. Chainlink (-3.5%), Polkadot (-3%), and Cardano (-2%) are also in the red from the top ten.

In contrast, Bitcoin Cash (1.3%), Binance Coin (3%), and Stellar (3%) have added some value.

However, Ripple has continued to outperform all others. After several weeks of adverse price developments following the SEC charges, XRP has exploded in the past few days.

Ripple’s native token has added 50% of value in the past 24 hours alone and 160% since Friday to $0.67, facing now the psychological level of 2000 SATs per XRP. While some argue that this remarkable surge is due to Ripple’s answer to the SEC, others speculate that there’s a coordinated pump similar to GameStop and Dogecoin.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains come from PancakeSwap (34%), Dogecoin (30%), Flow (30%), Siacoin (18%), The Graph (17%), Compound (15%), Ampleforth (12%), and EOS (10%).

The rising alts, led by XRP, have reduced BTC’s dominance to just above 62%. This is a 3% decline of the metric since Friday.

Additionally, the crypto market cap has remained slightly above the coveted $1 trillion mark.

Title: Ripple (XRP) Skyrockets 50% As Bitcoin Struggles At $34K: Crypto Market Watch
Sourced From: cryptopotato.com/ripple-xrp-skyrockets-50-as-bitcoin-struggles-at-34k-crypto-market-watch/
Published Date: Mon, 01 Feb 2021 10:16:12 +0000

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