March 4, 2021

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Market Roundup: BTC Breaches $50k for New ATH as XRP Tanks 10%

2 min read

Bitcoin (BTC) saw another all-time high (ATH) on Tuesday, Feb 16. It briefly broke past $50,000 before seeing a correction. Altcoins, on the other hand, reacted to the BTC price movement with a predominantly red day.

XRP Sees 10% Decline as Founder Sells Out 

While most altcoins saw a decrease in price on Tuesday, XRP was the worst-performing major cap in the top 10. XRP suffered a 10% decline in price. The decline was likely to happen as a market-wide sell-off saw the majority of altcoins drop.

Market Roundup: BTC Breaches $50k for New ATH as XRP Tanks 10%
Source: CoinGecko

However, the recent news surrounding a potential XRP dump by founder Jed McCaleb was likely to impact the price.

Whale monitoring website Whale Alert noticed a large transaction being sent from Coinbase on Tuesday, Feb 16. The $122 million transaction, equated to over 220 million XRP.

The funds appear to be from Coinbase to Coinbase, who are sending the tokens out. This is likely a withdrawal wallet only, as Coinbase has halted XRP trading on its exchange. 

Either way, XRP is now lagging behind Polkadot (DOT) and Cardano (ADA) with Binance Coin (BNB) slowly catching up to the once, second-biggest cryptocurrency. 

New Bitcoin All-Time High

Bitcoin has once again breached its all-time high, this time reaching $50,689 before the crypto dropped. BTC looked set to break $50,000 once again but failed to follow through.

Unfortunately, it hasn’t been able to hold the line. Shortly after reaching the all-time high, it declined back to the previous day’s range, around $48,000. 

Market Roundup: BTC Breaches $50k for New ATH as XRP Tanks 10%
Source: TradeView

However, the top cryptocurrency is still riding high and could quite easily be set to test a new ATH before the week is out. 

Biggest Gainer in the Top 100

The biggest gainer on Tuesday saw rebase token Ampleforth (AMPL) take top honors. AMPL managed to climb 13% amidst a tough day out for altcoins. The project has regained traction following a surge in trading and pricing. 

Market Roundup: BTC Breaches $50k for New ATH as XRP Tanks 10%
Source: CoinGecko

AMPL had previously fallen out of favor with traders after gaining popularity in July 2020 when its rebasing mechanism returned up to 20% on some days. The price saw a dramatic drop to $0.50. 

Tuesday saw an overly flat market compared to previous days. And BTC was the star of the day. Bitcoin’s relative strength signals that the market could still remain bullish and BTC could quite easily push towards new price discovery territory. 

Meanwhile, Ethereum (ETH) appears to have stalled under $2,000. Some traders still anticipate a break of $2,000 to happen sooner rather than later. 

The post Market Roundup: BTC Breaches $50k for New ATH as XRP Tanks 10% appeared first on BeInCrypto.

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