With volatility firmly evident, attention turned to the prospects for altcoins as problems at Ripple sent BTC dominance soaring to one-year highs. “Historically, we’ve been making a top structure in December, after which we had a wonderful first quarter for altcoins,” Cointelegraph Markets analyst Michael van de Poppe commented to Twitter followers on Bitcoin dominance action.
Meanwhile, the biggest XRP holder, Ripple, is facing a new lawsuit from U.S. regulators over potential sales of unlicensed securities. Should the Securities and Exchange Commission (SEC) win its case, analysts worry that XRP trading will be effectively destroyed due to the legal ramifications.
Earlier today, Cointelegraph noted that a major stockpiling effort from institutional giant Grayscale failed to buoy market mood after the company added $285 million in BTC to its assets under management on Tuesday.