Skyrocketing Ripple Drives Market Rise

XRP Up About 20%...Breaking ATH Expectations Made
BTC Secures $9.5K Without Big Drop on Bullish Market
Kiyosaki "BTC Could Fall To $6K..."It Will the Chance"

Ripple(XRP), which led the market to rise due to soaring prices the previous day, continued its rise on Dec. 3, driving the cryptocurrency market to strengthen.

XRP, which had surged about 30% on Dec. 2, also rose about 20% to $2.7 on the morning of Dec. 3. As XRP, which had plummeted after soaring all the time, continued to rise, investors inflated their expectations that XRP would achieve its new high price.

XRP's Rise A number of altcoins rose more than 5%, creating a full bull market atmosphere.

Amid the rise of XRP, Bitcoin(BTC) defended $95,000, continuing a sideways trend without a significant drop.

◇Bitcoin = Bitcoin price is $95,475 at 4:30 p.m. on Dec. 3, 2024. The Bitcoin share (dominance) was 56.00%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 51.35% and 48.65%, according to the on-chain analytics platform Sigbtc.

As Bitcoin failed to exceed $100,000, which is considered a big barrier, experts' view of Bitcoin changed somewhat pessimistic.

Robert Kiyosaki, famous for being the author of the world-renowned bestseller , mentioned the situation in which Bitcoin stagnates without exceeding $100,000, arguing that it should be viewed as the beginning of a short-term adjustment.

He said Bitcoin could fall to $60,000 but pointed out that this process is an opportunity to buy more Bitcoin.

"The price of Bitcoin is likely to exceed $250,000 next year," he said. "What's important now is not price fluctuations, but how many Bitcoin you have."

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Dec. 3 was Iota(IOTA), which rose about 31%.

Iota is a project that permits various activities through various electronic and communication devices in living spaces such as offices and homes based on the Internet of Things platform.

Iota uses its own algorithm called "Tangle." Tangle is considered suitable for the Internet of Things because it has no transaction fees and has the advantage of being able to handle many transactions quickly.

Tangle is a platform with a new structure created by developing blockchain, and the more transactions there are, the higher the network security and the greater the scalability. In addition, since it is a structure that does not require a miner, there is no payment fee, so small payments can be efficiently applied to the Internet of Things field.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Greed' phase with 76 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As it is highly likely to form a short-term high, caution should be taken in selling.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 46.3, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr