Bitcoin Weakens – Cardano, XRP, Tron and Others Lose a Lot of Ground

Bitcoin is currently unable to sustain highs of over $100,000 and is trading at around $97,000. Prominent altcoins such as XRP (Ripple), Cardano (ADA) and Tron (TRX) are hit harder. What’s going on?

Just a week ago, the crypto markets were all rosy, led by Bitcoin (BTC), and most of the major altcoins also recorded significant price gains. Tron (TRX), for example, set a new all-time high exactly seven days ago – and has since suffered a loss of around 37 percent. XRP (Ripple), Solana (SOL) and Cardano (ADA) have also stopped their upward trajectories and are seeing significant losses of minus 10 percent and more. Are there individual causes for this or are the crypto price curves collapsing across the board?

Analysts such as Edul Patel, CEO of the crypto exchange Mudrex, are reminded of typical wave movements in the current situation: “When Bitcoin rises, it usually creates a positive mood across the markets and often pushes altcoins up as well.” But when Bitcoin broke the “psychological resistance” at $100,000, profit-taking began, said Patel. Even the slightest hint of Bitcoin sales could trigger domino effects and drive altcoins into the red. But Patel recommends not panicking. “This is definitely a pit stop and a phase of consolidation before new highs,” says the Indian.

Special effects at Cardano, Tron and Ripple have been checked off

Investors still need strong nerves to follow this assessment. After all, the gains in the major altcoins were driven by special effects that will not be repeated. Tron benefited from daring PR campaigns by founder Justin Sun. Cardano received special attention through its constitutional convention . XRP seems to have access to future US President Donald Trump through Ripple CEO Brad Garlinghouse and to be putting legal problems behind it.

Meanwhile, the Bitcoin price curve has stabilized at around 97,000 US dollars and the data on BTC ETFs continue to show capital inflows of around 400 million US dollars every day. This could prove to be a good basis for driving Bitcoin back above 100,000 US dollars and thus into six-figure territory before Christmas. For XRP and Solana, where there are also hopes of being listed as an ETF, there was a stop signal from the SEC , which can only be removed with the inauguration of Donald Trump on January 20th.

Conclusion: XRP, ADA, TRX and Co. are dependent on Bitcoin in their dynamics

The latest figures on inflation are to be presented in the US today, Wednesday, December 11th, and this could also have an impact on the crypto markets.

Higher inflation than expected would pose the question for the US Federal Reserve Bank of whether the key interest rate can be lowered further – and Bitcoin often turns positive when key interest rates are lower. With regard to the more volatile altcoins such as XRP, Cardano, Tron and Solana, the situation seems as if the next upward wave can only come when Bitcoin sets the direction.

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(Featured image by Traxer via Unsplash)

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