Bitcoin Dominance at Highest Level in 4 Years, Whales Do Not Care About XRP's 40% Drop, SHIB Burns Crash Hard: Crypto News Digest by U.Today
2025-02-04
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Read U.Today's top three news stories over the past day.
Bitcoin dominance at highest level in four years, is this good sign?
According to CoinMarketCap, Bitcoin dominance has risen to 60.6%, marking a 5.01% increase within the previous 48 hours, despite ongoing price volatility. The increase indicates a shift in market dynamics, with more capital inflows directed toward Bitcoin at the expense of altcoins, suggesting that investors remain optimistic about Bitcoin's future. This high dominance rate indicates that Bitcoin may soon enter a long-term bullish cycle, potentially allowing altcoins to rebound as this dominance, if accompanied by price increases, will lead to price appreciation. However, analysts believe that for altcoins to rally, the market must see fresh liquidity injections to avoid market pressure. Over the past day, Bitcoin's price fluctuated between $91,242.89 and $99,397.65; currently, the asset is trading at $99,646.42, reflecting a 4.54% surge. As reported by U.Today, veteran trader Peter Brandt has called on investors to keep a bullish outlook, stating that even if Bitcoin drops below the $80,000 level, it would "still be bull trend."
XRP whales do not care about 40% drop: XRP blockchain shows
Investor confidence in XRP has been shaken following a significant 40% price drop, yet recent on-chain data shows that large holders, or whales, remain unfazed. Despite the decline, key metrics such as payment volume, active accounts and burned fees have shown stability, indicating that whales might not be in a rush to sell. XRP's price fell to $2.00 after reaching a local high of approximately $3.40, breaking below critical moving averages, which raises concerns about its bullish structure. The $2.00 level serves as a crucial psychological support; its breach could lead to further declines toward the 200 EMA at $1.60 and potentially to the historically significant zone of $1.20. To regain bullish momentum, XRP must recover above $2.61, as the current trend remains bearish until it surpasses the $3.00 mark. At the moment of writing, XRP is changing hands at $2.60, up 15.23% over the past 24 hours, per CoinMarketCap.
SHIB burns crash hard as market collapses: Details
Data provided by Shibburn demonstrates a significant decline in the SHIB burn metric, coinciding with a broader collapse on the crypto market that started over the weekend. As a result, the SHIB daily burn rate dropped by almost 100%, with only 2,602,610 SHIB tokens burned in the previous 24 hours. The SHIB token experienced a sharp decline as well, plunging by 32%. Notably, the largest transaction involved the transfer of 1,913,509 SHIB to unspendable addresses. Despite low daily burn figures, the weekly burn rate surged by 3,614.46%, totaling over 1.16 billion SHIB tokens burned. The overall market turmoil, exacerbated by geopolitical tensions, has resulted in a 34% decline in SHIB, although it has since retraced to a 25% decrease. Currently, SHIB is changing hands at $0.0000159, up 8.42% over the past 24 hours, per CoinMarketCap.