{"id":410164,"date":"2020-01-08T17:00:11","date_gmt":"2020-01-08T17:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=410164"},"modified":"2024-06-11T12:20:00","modified_gmt":"2024-06-11T12:20:00","slug":"recent-ripple-ethereum-rallies-rejected-btc-dominance-to-rise-again","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/recent-ripple-ethereum-rallies-rejected-btc-dominance-to-rise-again\/","title":{"rendered":"Ethereum, XRP Set For More Devastation According to BTC Dominance"},"content":{"rendered":"

Most cryptocurrencies have been rallying this week, however, Bitcoin’s pump yesterday caused many altcoins \u2013 such as Ripple<\/a>, Ethereum<\/a>, and many more \u2013\u00a0 to retrace against BTC.<\/p>\n

That trend is now expected to continue, causing a larger rise in BTC dominance, to as much as 80% of the total crypto market.<\/p>\n

XRP, Ethereum, and More All Retrace in the Wake of Bitcoin Breakout<\/h2>\n

This week, the crypto market caught fire after weeks of stagnancy and downtrend. First, the number three cryptocurrency by market cap, Ripple, exploded by over 12%, then Ethereum followed with gains of its own. Finally, Bitcoin<\/a> broke out from its trading range, but that caused any altcoin gains to retrace almost entirely against the first-ever crypto asset.<\/p>\n

Related Reading | XRP Kicks Off Another Year Of Decline With Potential Bear Pennant Breakdown<\/a><\/strong><\/em><\/p>\n

Ripple <\/a>has been able to hold much of its relative USD value from the recent pump and is trading at prices around 21 cents per XRP token. However, on the XRP\/BTC price chart, Ripple has completely retraced its recent gains against Bitcoin and has even started to drop lower.<\/p>\n

The last XRP pump was likely little more than yet another bearish retest confirming support turned resistance on the trading pair.<\/p>\n

\"xrp\"<\/p>\n

Ethereum<\/a> has also suffered against Bitcoin as BTC dominance continues to grow. The number two cryptocurrency by market cap had a slower build-up than XRP’s explosive, buzz-generating pump, but the entire rally has also retraced now that Bitcoin broke up from an inverse head and shoulders pattern.<\/p>\n

Ethereum, while some analysts were expecting it to soon outperform Bitcoin, has now dropped even lower on the BTC trading pair.<\/p>\n

\"ethereum\"<\/p>\n

Bitcoin Dominance Expected to Rise to 80% Market Share<\/h2>\n

Things aren’t looking great for altcoins as a whole, as BTC dominance is exhibiting an inverse head and shoulders pattern at the peak of a massive, similar structure, stretching across years of crypto market ebb and flow.<\/p>\n

BTC dominance spent most of 2019 making up for ground Bitcoin<\/a> lost in late 2017 and early 2018, crushing altcoins on their BTC trading pairs.<\/p>\n

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dominance looks to be printing a higher low\/ IHS in an already monster uptrend.<\/p>\n

Look to me like w5 is extending and dominance is going to 80%<\/p>\n

Couple this with recent breakout in $btc<\/a> and the stage is set<\/p>\n

this is not good for your shitcoin bags, 2020 is gonna be Bitcoins year pic.twitter.com\/3Nn4xoujwx<\/a><\/p>\n

— Bluntz (@Bluntz_Capital) January 8, 2020<\/a><\/p><\/blockquote>\n