Bitcoin
Bitcoin’s quest for breakthrough: A catalyst for LTC and XRP?
In recent times, LTC AND XRP decoupled from BTC’s dominance. However, the assets might need the king coin’s input to breakout.
- Although all three cryptocurrencies shed prices, XRP and LTC’s breakthrough might depend on BTC.
- The volume and sentiment around the asset followed the same direction.
Bitcoin [BTC] needs to break through $26,800 to continue its recent uptick, Michaël van de Poppe tweeted on 9 June. According to Poppe, if the pioneer cryptocurrency flips the said price point to $27, 500, other interconnected assets like Litecoin [LTC] and Ripple [XRP] can also break out.
Realistic or not, here’s LTC’s market cap in BTC’s terms
If Bitcoin surpasses the resistance…
From the chart shared by the MN Trading CEO, BTC faced a crucial resistance at $27,446 on 9 June. But unfortunately, the king coin lost hold of $26,000, exchanging hands at $25,698 at press time.
The lower timeframe picture for $BTC is quite simple.
We need to break through $26,800 in order to have a continuation going here.
That means, if we break and flip that level, $27,500 is on the cards, but most likely $28,000 & breakouts on $XRP and $LTC. pic.twitter.com/kJM9SlRcJS
— Michaël van de Poppe (@CryptoMichNL) June 9, 2023
BTC, XPR, and LTC also lost 6.48% and 12.76% of their value respectively in the last 24 hours. Although the decrease was widespread in the market, all three cryptocurrencies displayed strength around the period the SEC came for two of the world’s biggest exchanges.
However, the conversation about LTC hitting $100 or XRP’s ride to $0.6 has now been subdued because of the price action.
Lately, XRP has been subjected to a rally because of the high anticipation of its victory in the case with the SEC.
For Litecoin, its upcoming halving, slated for August has been the driving force. But with the uptick quenched, how have the cryptocurrencies been faring?
Riding on the same path
According to Santiment, Bitcoin’s volume increased to 16.78 billion at press time, suggesting that there had been a considerable increase in transactions.
Source: Santiment
XRP’s volume also increased to 2.17 billion while LTC surged to 966.27 million. Since the volume serves as an indicator to determine bullish or bearish price action, then BTC could actually impact the trajectory of LTC and XRP.
Likewise, the weighted sentiment of all the assets followed a similar pattern. For context, the weighted sentiment considers the unique social volume with respect to the broader acumen around an asset.
How much are 1,10,100 XRPs worth today?
Between the last week of May and 2 June, LTC’s weighted sentiment skyrocketed. Around the same period, the same metric, but in XRP’s terms, also rose. The weighted sentiment of BTC, like the other two, also increased.
Source: Santiment
At press time, the metric of BTC, LTC, and XRP has fallen into the negative region. This means that the broader perception toward these cryptocurrencies did not align with a price rise in the short term.
