Bitcoin bounces near $86,000, but its bearish structure and sentiment persist, while XRP shows relative strength yet remains dependent on Bitcoin dominance for its next move.
- A recent poll on Stocktwits shows mixed opinions on whether XRP could surpass Bitcoin’s market cap: 27% support the idea, while 32% believe Bitcoin will remain dominant.
- Bitcoin’s recent performance has been weak, with the price down nearly 6% over the last week, and analysts are noting a potential bearish pattern in its price structure.
- XRP’s market position is still significantly weaker than Ethereum’s, with its share of the stablecoin and DeFi markets very low, leading some to dismiss the possibility of XRP overtaking Bitcoin as unrealistic.
Bitcoin (BTC) may have found short-term support near $86,000, but the bounce has done little to calm traders’ nerves. As risk appetite in crypto remains fragile, sentiment around Bitcoin has slipped further into bearish territory, setting the stage for a debate over whether XRP’s market cap can surpass Bitcoin’s in the future.
27% believe that XRP will take over Bitcoin, while 32% believe ‘BTC stays king.’ However, some – around 16% – voted on the chances of it happening sometime in the future, but “not anytime soon”. However, 25% of voters claimed that XRP topping Bitcoin is a complete fantasy.
Among the naysayers, one said, “You have got to be kidding. XRP’s share of the stablecoin market is 0.133% right now.” XRP’s fundamentals are still far behind Ethereum’s (ETH). He pointed out that “XRP’s share of the DeFi market is 0.2%. ETH’s share of the DeFi market is 59%, “ making the case for Ethereum that “will eventually play out” when institutions fully get involved.
Market analysts and traders said BTC “bounced off 86,300,” but noted the overall structure still looks like an expanding wedge, a pattern often seen as bearish. Bitcoin was trading at $87,850.06, down 0.7% in the last 24 hours. On Stocktwits, retail sentiment around Bitcoin dipped from ‘bearish’ to ‘extremely bearish’ territory, accompanied by chatter improving from ‘normal’ to ‘high’ levels over the past day.
On the other hand, one analyst noted that XRP’s price movement relative to Bitcoin has begun to improve. The analyst essentially stated that XRP’s future course will likely be determined by Bitcoin’s (BTC.D) dominance. They point to a new support level as a potential selling opportunity if XRP fails to break above $1.9750. However, if XRP stays above that threshold, it might instead indicate strength and pave the way for a short spike.
For now, XRP’s price is tied to Bitcoin’s, given BTC’s dominance in the broader market.
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