Ripple (XRP) Defies Market Sentiment With 8% Surge, Bitcoin (BTC) Struggles at $66K (Market Watch)

Bitcoin’s price struggles continued in the past day, as the asset slumped to $65,300 for the first time since last Friday amid uncertainty coming from the US government.

The altcoins are also in the red today, aside from XRP, which skyrocketed to a multi-month peak of over $0.66 earlier.

BTC Slipped to $65.3K

The primary cryptocurrency had a wild end to the previous business week as it slumped below $63,500 on Thursday but shot up soon after to $67,000. The weekend was also quite volatile due to Donald Trump’s appearance at the Bitcoin Conference in Nashville, and the asset went down and up by three grand within a few hours on Saturday evening.

Monday began on a high note, with the cryptocurrency jumping to a 7-week peak of $70,000. However, that was short-lived as the bears halted the move.

Bitcoin was violently rejected at this point and pushed south by nearly $5,000. As a result, it charted a multi-day low of $65,300 (on Bitstamp).

Although it has been able to recover some ground, BTC is still in the red on a daily scale at just over $66,000. Its market cap has declined to under $1.310 trillion, while its dominance over the alts is down to 52.3% on CG.

Bitcoin/Price/Chart 31.07.2024. Source: TradingView

XRP Defies the Odds

Most of the larger-cap alts followed BTC on the way down yesterday, and the landscape is not all that different today. While ETH, BCH, and ADA are with minor losses over the past 24 hours, DOGE, TRX, AVAX, SHIB, LINK, DOT, and UNI have declined by around 3% each.

In contrast, Ripple’s native token has defied the entire sentiment and tapped a multi-month peak at over $0.66 earlier today. You can check some of the possible reasons behind this rally here.

KAS, XLM, and BNB have risen in value since yesterday, but they are also exceptions.

The total crypto market cap has declined by another $20 billion and is down to $2.5 trillion on CG now.