Since April 2021, nothing has exceeded the 58.85 percent mark that Bitcoin dominance has attained as of Thursday,March 11.
The price of BTC and Ethereum, the top two cryptocurrencies, again settles above $67,000 and $2600 respectively and again it seems that there wonât be any further price corrections.
XRP increases on Thursday and is now trading over the $0.5500 mark.
Updates And Predictions For Bitcoin, Ethereum, And XRP
Bitcoin remains over the mark of USD 67000 as of Thursday. With the biggest drop in a day below 1%, the top-ranked cryptocurrency based on market cap isn't that badly off. Bitcoin Spo tETFs have had four straight days of positive positive positive inflows and institutional investors are once again turning to such products.
XRP also held the number five ranking on Friday in terms of market capitalization after Bitcoinâs position effectively increased to 58.85%. Generally, an increase in Bitcoin market share coincides with an influx of investment into BTC. When capital rotation is factored in, traders are either moving capital from altcoins to BTC or alts simply do not have demand. As a result, Bitcoin dominance is said to be âbad newsâ for the prices of altcoins.
X sits down with his followers and states that according to BTC dominance, this cycle was most likely the first body-weight peak and will most likely be the first to decline, creating space for Altcoins to flourish.
With 2617 USD at its current price, Ethereum is valued lower than its second largest cryptocurrency worldwide. In an official post on X, creator of Ethereum, Vitalik Buterin, presented his suggestions for the future of the Ethereum protocol. Such a future, Buterin says, could involve Layer 2 chains and Ethereumâs blockchain being employed as the base layer.
XRP is up slightly over 1% on Thursday, amounting to a trading position of about 0.5530 USD.
XRP traders are still trying to make sense of the latest confusion regarding the deadline for filing appeals in the Securities and Exchange Commission (SEC) case against the payments company.
Chart of the day: Injective (INJ)
The token of the injective protocol is holding strong on the top gainers in the 24-hour timeframe on Binanceâs spot market. INJ moved up after Upbit listing announcement.
INJ may also increase in value by more than 10 percent and aim to reach $24.14, which is an important level for the token. This coincides with the upper boundary of FVG located between $24.14 and $23.62.
Positive sentiments are further validated by positive MACD and RSI indicators on the daily chart. Above and beyond the neutral line, MACD portrays the green histogram bars which advances bullish Joe's INJ price trend.
The RSI, nevertheless, is 56.80, still above neutral but lower than the overbought range, and increasing which generally reflects a positive outlook in the INJ price trend.
But still, if the daily candlestick settles down beneath $20.33, it will be a bearish stance. This price point corresponds with the upper edge of an imbalance zone that lies between $20,33 and $1979 where INJ could be supported.
Market developments
The recent hype focuses on plans of developing the Ethereum blockchain to where it reaches 100,000 TPS. The founder, Vitalik Buterin launched âthe surgeâ stage where he endeavors to scale the number of transactions that the Ethereum blockchain can handle increases from twelve to a hundred thousand TPS.
As per the recent update, Upbit, the biggest exchange in South Korea will list Injective in the KRW and USDT markets this coming Thursday.
In a separate update, the massive crypto exchange, Coinbase, has ZetaChain mainnet as the basic default network within its ecosystem.
Furthermore, the exchange has participated in the network as a validator, allowing users to stake and earn rewards in ZETA.
Industry updates
A recent report by Polymarket, the US prediction market, averages the chances of the former US President Donald Trump to win the presidential elections in November to 59.9% on Thursday morning. This is pertinent to the marketers as Trump has shared his willingness towards endorsing Bitcoin and cryptocurrency and promised the traders and crowd at his political rallies in the US a pro-crypto agenda.
Russia Ukraine news. waahi.com.SC seeks to establish itself in other regions by unveiling stablecoin-based cross-border payments and remittances. This is a welcome development as it is the countryâs fourth largest financial institution.
As per its state of the crypto report, a16z estimates the number of cryptocurrency owners in the world as of September 2024 to be about 617 million and around 60 million monthly active users. Also, stablecoin transaction volume in Q2 2024 was more than twice the volume of Visa transactions.
