Bitcoin (BTC) maintained volatility arriving on December 23, with a drop to $ 22,800 that sparked a rapid rise in the classic $ 24,000 resistance.
BTC’s domain reaches the biggest since the end of 2019
Data from Cointelegraph Markets, Coin360 and TradingView tracked BTC / USD as factors, including panic among XRP traders, which made unstable conditions prevail.
To date, the pair has been circling around $ 23,700, after briefly staying above the $ 24,000 sale levels. All of this happened in the same hours, which saw Bitcoin move from its current levels to $ 22,800 in a matter of minutes and come back again.
With volatility firmly evident, attention turned to the outlook for altcoins, as the problems at Ripple caused BTC’s dominance to reach a year high.
“Historically, we developed a cutting edge structure in December, after which we had a wonderful first quarter for altcoins”, Cointelegraph Markets analyst Michaël van de Poppe commented to Twitter followers about Bitcoin’s dominance action.
Altcoins fail in another difficult December
Meanwhile, the largest holder of XRP, Ripple, is facing a new lawsuit from U.S. regulators over potential sales of unlicensed bonds. Should the Securities and Exchange Commission (SEC) win the case, analysts fear that the XRP trade will be effectively destroyed due to legal ramifications.
As Van de Poppe suggested, Bitcoin’s advance came at the expense of altcoins more broadly, with several of the ten tokens having daily losses. The largest altcoin, Ether (ETH), was stable at $ 611 for the day.
Earlier today, Cointelegraph observed that a major stocking effort by the institutional giant in shades of gray failed to liven up the market after the company added $ 285 million in BTC to its assets under management on Tuesday.