Bitcoin dominance in the crypto space reached a peak as the leading digital asset briefly touched $24,000 again. The price of Bitcoin hit a new all-time high at $24,000 on the 19th of December. Even though BTC saw major volatility as its price dipped to $22,800, it is still up 1.23% to $23,633.39.
In a video posted on Twitter, Cointelegraph Markets analyst Michael van de Poppe said:
“Historically, we’ve been making a top structure in December, after which we had a wonderful first quarter for altcoins.”
The tweet by Cointelegraph Markets revealed that the Bitcoin dominance chart had climbed 69% amid the XRP selloff.
As Bitcoin continues to rise, XRP is having a hard time with regulatory authorities. In a recent filing, the US Securities and Exchange Commission (SEC) accused Ripple and two of its executives of securing more than $1.3 billion in an “ongoing unregistered, digital asset securities offering”. The two Ripple executives mentioned in the SEC filing are CEO Brad Garlinghouse and co-founder Christian Larsen. As a result of the filing, analysts are concerned that the SEC lawsuit may affect XRP trading.
Already, XRP is recording losses. At press time, XRP is down 31.59% to $0.321332.
Unlike Bitcoin, other top altcoins are also recording daily declines. Ether (ETH) is currently down 2.56% to $610.71. Also, Tether is down 0.06%, and Bitcoin Cash (BCH) has lost $221%.
Image Credits: Pixabay
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