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The cryptocurrency market witnesses Bitcoin 
$104,016 surpassing the $102,000 mark, alleviating fears of a drop to $90,000 for now. Altcoins, however, continue to struggle, with many lingering near their lows. Following today’s rebound in Bitcoin’s price, analysts have begun sharing their new scenarios regarding its market dominance, the price of BTC, and predictions related to XRP Coin.
Bitcoin (BTC) and Altcoins
Altcoin investors are closely monitoring Bitcoin’s market dominance ratio. A shift towards a downward trend here could signal an upcoming rise for altcoins. Many cryptocurrencies have fallen below last year’s price levels, necessitating a turnaround. CryptoBullet’s latest analysis focuses on the factors that concern altcoin investors.
“BTC Dominance Update | Dead Cat Bounce Model”
At first glance, this might appear as a rise resembling the Adam and Eve formation; however, it typically fails and leads to a decline.
Key Resistance Zone: 0.618-0.786 Fib
BTC Dominance visited this zone in December, was rejected, and is now on its second test before an eventual collapse.
Stay Focused!”
In the short term, this last test has caused more pain for altcoins. If it falls to the 50% region, it would mean a delayed smile for altcoin investors.
Michael Poppe noted the daily candle is highly encouraging. He believes that, depending on tomorrow’s Fed meeting, we may witness a continuation of the upward trend. While the Fed is expected to maintain interest rates, the implications of their projections alongside recent data remain uncertain.
“What is the likelihood of a possible interest rate cut? The markets probably aren’t anticipating this; it would be a significant surprise. A starting point for strength in altcoins.” – Poppe
Ripple (XRP)
Today’s standout is once again XRP Coin. The price finds buyers at $3.17, allowing investors to gain significant profits following yesterday’s sharp decline. The reason behind the double-digit increase is linked to developments that could substantially impact the market in the medium and long term. Despite market fluctuations, U.S.-based crypto companies are beginning to gain governmental support.
TraderXO mentioned in a recently shared chart that the movement towards $3.50 is expected to continue.
