Bitcoin dominance, a key metric reflecting its share of the total crypto market capitalization, recently experienced a notable 6% dip.
Of this, XRP accounted for a significant 3% surge in its dominance. While Bitcoin dominance is now rebounding, the broader implications highlight evolving trends in crypto market liquidity.
News On XRP: CryptoQuant founder Ki Young Ju called public attention to this observation in a tweet
...XRP Independent Rise..
Over recent weeks, XRP has emerged as one of the few altcoins to attract fresh liquidity, contributing directly to Bitcoin’s temporary decline in dominance. Specifically, between November 3 and December 3, the price of XRP soared by approximately 500%.
In parallel, its market cap expanded by more than five times, from $28.99 billion to an all-time high of $154.83 billion. This major XRP move dealt a blow to Bitcoin’s dominance, which at one point hit 52%. Meanwhile, it is now around 60%. The increase in XRP’s market share underscores a break from the traditional patterns where altcoins closely mirrored Bitcoin’s uptrend. Instead, XRP is carving out its own narrative, driven by heightened interest and independent adoption.
This trend aligns with a previous prediction by Ki Young Ju. Two weeks ago, he forecasted that the altcoin seasons would deviate from expectations, with only select altcoins gaining traction due to their unique ecosystems or market dynamics.