The past 24 hours have shown significant shifts in the dynamics of various tokens within the cryptocurrency market. We explore the key developments regarding Bitcoin, XRP, and SHIB.
Bitcoin Dominance Hits New High
According to CoinMarketCap, Bitcoin dominance has risen to 60.6%, marking a 5.01% increase over the previous 48 hours. This indicates a shift in market dynamics, with more capital inflows directed toward Bitcoin at the expense of altcoins. Despite volatility, Bitcoin's price fluctuated between $91,242.89 and $99,646.42 over the past day, reflecting a 4.54% increase. Analysts believe that fresh liquidity injections are required for altcoins to rally, avoiding market pressure.
XRP Whales Remain Confident
Despite a significant 40% drop in XRP price, large holders, or whales, are not in a hurry to sell. Key metrics such as payment volume and active accounts show stability. The $2.00 level serves as crucial psychological support, and its breach could lead to further declines. At the time of writing, XRP is trading at $2.60, up 15.23% over the past 24 hours.
SHIB Faces Sharp Burn Decline
Data from Shibburn reveals a significant drop in the SHIB burn metric amid a broader market collapse. In the past 24 hours, only 2,602,610 SHIB were burned, nearly 100% lower than previous levels. However, the weekly burn rate surged by 3,614.46%, totaling over 1.16 billion SHIB. Geopolitical tensions led to an overall 34% drop in SHIB, now reduced to a 25% decrease.
The past day's events in the cryptocurrency market have captured investor attention, driven by price dynamics and developments surrounding major tokens. Bitcoin continues to draw capital, XRP maintains whale interest against the odds, and SHIB shows a downturn in burn activity. Future market trends will hinge on macroeconomic factors and liquidity flows.
