Bitcoin (BTC), volatility continued on December 23, while a plunge to $ 22,800 led to a lightning-fast rally towards classic $ 24,000 resistance.

Daily performance of the cryptocurrency market. Source: Coin360

BTC’s dominance is its highest since late 2019

Data from CoinTelegraph Markets, Coin360 and TradingView tracked BTC / USD as factors including panic among XRP traders created unstable conditions prevail.

At press time, the pair was trading around USD 23,700 after it briefly rallied above the USD 24,000 sell levels. All of this happened in the same few hours when Bitcoin went from its current level to $ 22,800 and back again in a matter of minutes.

BTC / USD 1 minute candle chart. Source: TradingView

With volatility evident, attention turned to the outlook for altcoins as problems at Ripple pushed BTC’s dominance to a year high.

BTC dominance 1 year chart. Source: TradingView

“Historically, we created a top structure in December, after which we had a great first quarter for altcoins,” said MichaĆ«l van de Poppe, analyst at Cointelegraph Markets. noticed to Twitter followers about Bitcoin dominance action.

Altcoins clashed in another tough December

Meanwhile, the largest XRP holder Ripple is facing one new lawsuit from US regulators on possible unlicensed securities sales. Should the Securities and Exchange Commission (SEC) to win his case, analysts worry that XRP trading will be effectively destroyed due to the legal ramifications.

Such as Van de Poppe impliedBitcoin’s advance came at the expense of larger-scale altcoins, with several top ten tokens showing daily losses. Largest altcoin Ether (ETH) was flat on the day at $ 611.