Bitcoin (BTC) experienced a serious price clampdown some hours ago. The largest digital currency by market cap lost over $2,500 within 24 hours. This also affected other digital currencies such as Ripple XRP, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and others.
The price surge and dip of BTC haven’t favoured altcoins lately, this possibly made Ran NeuNer, the Host of CNBC Crypto Trader, to share how they could leverage on the dip for a notable price surge.
The whole cryptocurrency market experienced an unfavourable price shakeup a couple of hours ago. This initiated a significant price plummet of Bitcoin and other cryptocurrencies.
The price plummet was majorly attributed to the server failure experienced by Coinbase (United States leading crypto exchange) before the devastating price correction. Bitrue’s recent hack was also seen as initiator of the historic price drop, as the exchange that oversees most of Ripple XRP transactions had to shut down for hours.
Reactions of Altcoins to Bitcoin (BTC) Price Fluctuation
Bitcoin (BTC) obviously commands the price downtrend and uptrend in the market due to its market dominance. Some cryptocurrencies have to obey this trend for consistent growth.
However, this seems changing lately. Some cryptocurrencies failed to replicate the surging trend of Bitcoin. Top 10 digital assets like Ripple XRP, Binance (BNB), Cardano (ADA) and others couldn’t follow Bitcoin’s success as much as they replicate its failure.
Time for Alcoins like Ripple XRP, Ethereum (ETH) and Others to Grow Independently
The market price crash really told on lots of cryptocurrencies. If altcoins had gained so much from the rise of Bitcoin (BTC), the joint fall could have been justifiable, but the plummet left more negative impact on them than expected.
So, now is the time for Alcoins such as XRP, Ethereum (ETH) and a host of them to leave the shadow of Bitcoin, to avoid more devastating moment like this in the future.
However, Ripple as a Blockchain Tech has grand plans for its token, XRP, to grow independently by staking a lot in some partnerships for the digital currency to gain global exposure.
The dominance Bitcoin stamps to control the market could stand as deterrent to the much awaited mainstream adoption of cryptocurrencies if altcoins fail to showcase their authorities in terms of price growth independence.
Ran NeuNer Charges Altcoins to Take Their Chances to Grow As the Market Goes Dip
Ran NeuNer, the Host of CNBC Crypto Trader, has been a constant cryptocurrency commentator, sometimes on his twitter handle. In the middle of the price drop, he charged that Alcoins now has the best chance to garner price surging strength.
NeuNer pointed that Altcoins were more negatively affected during Bitcoin (BTC) resent price correction, than what they gained during its price uptrend. He averred that the alternative cryptocurrencies are now cheap, which would give room for more accumulation, and possibility initiate distinct price surge.
He said “Possibility: Alts were hit hard by the increase in BTC and then even harder in the decline. The result is that they are now “cheap” in both USD terms and Sats. This could lead to increased buying and that may cause the next alt run. It’s a possibility.”
Bitcoin (BTC) and other Cryptocurrencies in the Market
Bitcoin (BTC) is beginning to recover from the price correction. It has not maintained its stability above $12,000 resistance level, as it keeps using it as balancing edge. Crypto pundits can only envisage on the next run of the digital currency, no one seems certain.
Ripple XRP and Ethereum (ETH) are getting better, as both just took a step forward. However, both still depends on the price uptrend and downtrend of Bitcoin, likewise other digital currencies in the market.