Amid a jailed FTX founder on trial and altcoin competitor Ripple (XRP) making waves in its own legal battles, bitcoin (BTC)’s command of the cryptocurrency markets has strengthened considerably in recent days.
The benchmark cryptocurrency had another solid trading session on Tuesday, making gains against the US dollar, despite sticking below the 200-day moving average which is proving a strong rejection point for the world’s largest cryptocurrency.
Though bitcoin edged lower in this morning’s trades, its market dominance of the broader cryptocurrency has rallied more than half a percentage point since this time last week.
At the time of writing, the BTC/USDT pair was swapping for $27,640.
Persistent hawkish rhetoric from the US Federal Reserve – despite a pause on interest rates in September – is keeping traders’ risk sentiment in check, causing a flight to quality.
Bitcoin remains around one percept over six months – Source: tradingview.com
The second-largest cryptocurrency Ethereum (ETH) looks set to book its fourth straight day of losses in a row after underperforming on Wednesday.
At the time of writing, ether was swapping for $1,637. Its tepid performance is underscored by the ETH/BTC pair, which has shot down nearly 4.5% since the beginning of October.
Ripple Labs’ recent success in its long-running dispute against the US Securities and Exchange Commission (SEC) saw XRP temporarily pull ahead of the market, posting stronger week-on-week gains than both bitcoin and ether.
However, the sentiment rally was short lived; XRP fell on the spot markets yesterday before posting further losses today.
Solana (SOL) remains the strongest week-on-week performer among the blue-ship altcoins, while Binance’s BNB token and the Dogecoin (DOGE) meme coin are among the worst performers.
Global cryptocurrency market cap gained 0.6% to $1.08 trillion overnight.
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