Altcoins Jump, XRP and SHIB See Substantial Gains

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December 23, 2021

Altcoins are making a strong comeback after taking a major hit in the last 4 weeks. XRP crossed the price level of $1 on Thursday for the first time in nearly three weeks. Shiba Inu, one of the world’s most valuable meme coins, spiked by almost 6% in the last 24 hours.

Bitcoin and Ethereum saw marginal dips on Thursday. Both digital assets were down by almost 2% on 23 December. Due to a substantial increase in altcoins, the crypto market dominance of BTC and ETH has dropped significantly this week.

Currently, the crypto market dominance of Bitcoin and Ethereum stands at 40% and 20%, respectively. In terms of weekly performance, BTC and ETH fell behind XRP, Terra, Shiba Inu and Polygon. Additionally, XRP and Terra have remained the best performing digital currencies among the top 10 in the last 7 days.

Earlier this month, Finance Magnates reported an enormous jump in the crypto holdings of XRP millionaires after large addresses added nearly 13 million XRP coins in the last three months. Due to the latest spike in its price, the crypto asset crossed the market cap of Cardano (ADA).

Altcoin Season?

In addition to XRP, SHIB and Terra, other digital assets like Sushiswap and RenProtocol have witnessed massive gains in the last few days. “Sushiswap gained +10% on Tuesday, and the accumulation pattern of whale addresses has looked strong. Addresses with 100k to 10m SUSHI have now accumulated 3.4% more of the total supply, a total of 8.34M coins worth approximately $53M,” Santiment, the on-chain analytics firm, highlighted on Twitter.

“Renprotocol has spiked +36% in 24 hours, and many shorts are at risk of liquidation. The ratio of shorts paying longs has been massive,” the company added. After losing nearly $800 billion, the crypto market cap is recovering gradually. The performance of BTC and ETH has been playing a major role in the overall performance of cryptocurrencies during the last 2 weeks of December 2021.