Yesterday, BTC price attempted to end its deadlock of $9,000 against the US Dollar after it broke above the $9,200 resistance level.
The bulls were able to clear the $9,300 resistance with the BTC prices settling well above the $9,400 level and traded to a new weekly high at $9,437 before correcting lower.
Bitcoin price is currently consolidating gains above the $9,500 level and after hitting a bull run.
Analysts had forecasted that if the BTC prices break the resistance near $9,400, it is likely to continue higher. Now, at press time, a successful close above $9,400 has most likely opened the doors for a push towards $9,500.
BTC Prices Recapture Market Dominance
It appears that this latest movement higher has come about as a result of investors rotating their altcoins profits into BTC, as most of the largest cryptocurrency’s smaller counterparts are starting to trend lower.
Although it remains a hypothetical probability, today could mark a shift in the trend of altcoins outperforming Bitcoin.
Over the past few weeks, altcoins such as ETH have been able to post some notable upside as a result of Bitcoin’s declining liquidity and trading volume.
Crypto analyst Pentosh1 is now speculating that altcoins are about to bring the pain across the board as BTC begins to recapture market dominance.
He clarified that smaller crypto tokens might dump between 5% and 15% against Bitcoin in the weeks ahead.
Adding to the BTC bullish sentiment, Kyle Bass, the CIO of Hayman Capital Management, explained in a tweet that he believes Bitcoin, gold, and silver are all gearing up to see an explosive move higher.
To justify his theory, Bass noted that the recent massive global money printing stimulus in the wake of the second wave of Covid-19 would be the catalyst that helps thrust these hard assets higher.
XRP Prices Could Follow Bitcoin
In the past few sessions, ripple’s XRP prices failed to gain traction after a high formed near $0.2015.
That said, the fourth-largest cryptocurrency is trading above the $0.1950 support zone at the time of writing, which indicates that XRP prices are likely to start a strong rally.
If the XRP prices clear the $0.2000 resistance, it could rise higher in coming sessions, with the next major resistance located near the $0.2030 level. Above this level, the bulls are likely to aim for a test of $0.2120.
It thus seems like XRP prices could follow Bitcoin’s recent upside break above the $9,300 resistance.