The post XRP Among Worst Performers in Last Week’s Market Rally appeared on BitcoinEthereumNews.com.

XRP has shown poor performance compared to the top cryptocurrencies, down 1.07% in the past week to reach $0.52 on October 30. Over the same period, the broader crypto market added $160 billion, as Bitcoin rallied above $70k and briefly topped $73k, triggering a wave of short liquidations.  Besides XRP, other weekly losers among the Top 20 were TON (-3.5%), DOT (-2.05%), AVAX (-1.9%), LEO (-0.32%), and ADA (-0.39%). This weakness of altcoins can be attributed to the increased Bitcoin dominance, as investors are shifting their capital to the king of crypto to capitalize on its surge. At the time of writing, the Altcoin Season Index stands at 27, which means that out of the top 100 coins ranked on CoinMarketCap, only 27 currently outperform Bitcoin.  SOL and ETH, however, have bucked the trend of altcoin outflows, adding 4.53% and 5.63%, respectively, over the last week. The biggest gainer among the top 20 was DOGE, surging 20.9% due to Donald Trump’s mention of the Department of Government Efficiency (D.O.G.E), a government agency that currently doesn’t exist but is expected to be established with Elon Musk as its head in case of Trump’s win in November 5 presidential elections.   Bitcoin’s ongoing rally was boosted by net positive inflows of $479.4 million into spot Bitcoin ETFs on October 28. The leader of the inflows was BlackRock’s IBIT at $300 million, followed by ARK Invest’s ARKB at $59 million. According to CryptoQuant data, over the past month, Bitcoin ETFs were adding on average $257 million a day, contributing to the steady increase in the price of the cryptocurrency.  While the underlying issue of altcoin underperformance is growing Bitcoin dominance, XRP also faces uncertainty surrounding the outcome of the Ripple vs. SEC case that could extend into 2025, as the US regulator has requested…

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Filed under: News - @ October 30, 2024 6:25 pm