Bitcoin rose 1.36% this morning (24), with dominance reaching 46.3%. On the side of altcoins LTC, XRP and Mask closed the week with double digits in the positive.
Bitcoin has the highest dominance in the last 10 months
The market remains bullish, with the Fear and Greed index the biggest indication of greed in a year.
As a result of the major cryptocurrency’s price surge over the past few days, BTC has just reached its highest dominance in 10 months at 46.3% against the rest of the crypto market. Despite this, the long-awaited altcoin season seems far off in the face of Bitcoin’s strength.
Combined with this, BTC saw the third-largest withdrawals from exchanges this week, right after the US Federal Reserve Governor’s statement. This is an extremely positive sign, since a good part of the withdrawals happened thanks to movements of whales, which generally contribute in the long term.
Altcoins: XRP, MASK gain prominence in the week
On the side of altcoins, XRP and Mask are highlighted with gains of 14.96% and 37.59% respectively.
The President of Ripple Labs, Monica Long, stated that she expects to have a judgment for the XRP v SEC case still in 2023:
“With the SEC lawsuit, both Ripple and the SEC filed our motions for summary judgment. So the decision is now up to the judge to make his decision. We are optimistic about having a positive resolution sometime this year.“
If that happens, it is possible that XRP will return to marketcap levels in relation to other crypto assets, disputing the top 4 positions in market value.
Mask is accumulating gains with hopes, still unsubstantiated, of official integration with Twitter, as the social network advances with new products under the direction of Elon Musk.
LTC closes the week at +9%, investors are hoping that the cryptocurrency halving that will take place between June and August will help boost it further.
