Bitcoin continues to struggle
The No.1 cryptocurrency struggled with the aftermath of the dump on Thursday. The flash plunge caused uncertainty among many investors and is reminiscent of what happened in 2018, when the all-time high was followed by a rapid downtrend. While the bulls are now fighting for the support at USD 18000, XRP is setting out for a new bull run. The upcoming SPARK airdrop could push the price towards the high for the year. We take a look at the current events in the crypto space.
BTC struggles to find support
After several failed recovery attempts, there will be another showdown at the USD 18000 mark in the evening. At the time of writing, the leading cryptocurrency stands at USD 18193, down – 0.74% for the day. According to this, the bulls are bouncing off the trend line at 18400 USD. This resistance was considered a reliable support in the previous week, but now several indicators point to a stronger downtrend. After $300 million worth of BTC units were transferred from cold wallets to Exchanges on Wednesday, there could be strong liquidations in the coming hours.
BTC Dominance Index Remains Stable
The Bitcoin Dominance Index reflects the balance of power in the crypto space. Currently, approximately $336.7 billion of the total market capitalization (approximately $536 billion) is in BTC investments. Accordingly, the BTC dominance index is at a value of 62.2%. Bitcoin continues to set the tone today and most altcoins follow without opposition. However, there are exceptions…
Ripple encapsulates itself
XRP uses the hype around the upcoming SPARK airdrop for a handsome price increase. Thus, Ripple conjures up the best performance of all top 20 coins on the crypto floor with a daily gain of + 5.21%. Currently, the “Bitcoin of the banks” stands at a price of 0.58 USD. Major exchanges like Binance and Coinbase have already announced that they will support SPARK’s airdrop on December 12.
What is Spark? What is Flare?
Flare is a network with some unique features. Among other things, it can be used to build bridges between different networks. Flare can mediate between networks like Ethereum and the XRP ledger. As a result, it enables interaction between the XRP and smart contracts. The Spark token is Flare’s native token. Major exchanges such as Binance, Kraken, and Coinbase will support the airdrop.