Ripple prices are upbeat on Monday morning, benefitting from two tailwinds: A reverse-rotation from Bitcoin to altcoins, and the start of Ripple’s SWELL conference.
We will provide a rundown of SWELL highlights in tomorrow’s Ripple news update. However, today’s update will focus on the reverse-rotation of cryptocurrency funds.
The shift in flow was apparent to anyone looking at BTC Dominance.
For those unfamiliar with BTC Dominance, it is a measure of how concentrated funds are in Bitcoin (relative to the rest of the crypto market). When it rises, money is flowing into Bitcoin. When it falls, money is flowing into altcoins.
It reached a five-month high last week. This is no surprise considering that Bitcoin prices exploded in the last two weeks, driving its unit price beyond $5,000 for the first time ever. But having BTC Dominance reach 56.5% is not normal, nor is it desirable.
Investors made enormous profits from altcoins during the summer, and BTC Dominance was under 48% for most of that time. That is why it was good to see BTC Dominance start to unwind yesterday. It means that investors are willing to take a chance on altcoins.
By Monday morning, Bitcoin’s share of the crypto market cap was down to 53.6%.
The money flowing back into XRP drove the Ripple to USD exchange rate up 8.72% to $0.278702. At the same time, the Ripple to Bitcoin rate jumped 4.75% to 0.00004872 BTC paving a way to our XRP price forecast.
Daily Ripple Chart:
On a tangential note, one of our feature Ripple news stories from last month was XRP passing Bitcoin Cash to become the third-largest cryptocurrency by market cap. We thought it important to note that the difference isn’t even close now.
Ripple has a market cap of $10.73 billion, whereas Bitcoin Cash is hovering at $5.28 billion.
We continue to believe that Ripple has the shortest path to success in the cryptocurrency market. Its enterprise strategy, shared ledger protocols, and new outposts in Singapore make it the dark horse of cryptocurrencies. As such, we maintain our $2.00 Ripple price forecast for 2018. Stay tuned for highlights from the SWELL conference.