XRP, ADA, LINK Lead Altcoin Gains as Bitcoin Stagnates Around $35k

TL;DR

• Altcoins continue to rally higher, with XRP, ADA, DOGE, and LINK leading the way.

• Bitcoin has been trading around the $35k region over the last two days.

Altcoins Continue To Outperform BTC

Altcoins continue to outperform Bitcoin thanks to the huge profit posted by some of the leading altcoins in the market. Bitcoin, the world’s leading cryptocurrency by market cap, continues to trade around the $35k region after adding less than 1% to its value.

XRP, the native coin of the Ripple ecosystem, continues its recent dominance in the market. It is the best performer amongst the top 20 cryptocurrencies by market cap, adding more than 9% to its value in the last 24 hours. At press time, the price of XRP stands at $0.7104.

Cardano’s ADA, Dogecoin (DOGE), Chainlink (LINK) and Toncoin (TON) are all up by more than 6% over the last 24 hours. With altcoins currently rallying, Bitcoin’s market dominance has declined to the 51% region. Meanwhile, the total cryptocurrency market cap now stands at $1.33 trillion, up by roughly 1% in the last few hours.

Market analysts believe that investors are taking more risks now, highlighted by Bitcoin’s declining market dominance. Matteo Greco, research analyst at Fineqia International, told CoinDesk that,

"The decline in dominance after five consecutive weeks of increase marks the first signs of heightened investor interest in altcoins, suggesting a riskier market stance."

Some analysts hinted that the altcoin season might be here as altcoins continue to outperform BTC.