Major coins ethereum, litecoin, Ripple’s XRP and bitcoin cash all moved sharply higher today as bitcoin remained on hold–with the market braced for fireworks this week.
The bitcoin price, up just 0.5% over the last 24-hour trading period, has been left in the dust today by Ripple’s XRP, up 10%, ethereum, up almost 8%, and litecoin and bitcoin cash, both 6% higher.
The rise in Ripple’s XRP, which led the market higher today, is likely a response to reports a looming fork of the token, caused by a civil war that’s been brewing among the XRP community, will come to naught.
There has been growing disquiet in the XRP community recently due to Ripple selling XRP to its clients to fund various investments.
Ripple revealed in July a quarter-to-quarter increase of XRP sales of around 48%. Ripple is estimated to own about 60 billion of 100 billion XRP tokens in existence.
“I’m thinking about forking XRP so we don’t have to deal with the founders dumping,” Twitter user and XRP investor CryptoBitlord, wrote in August. “This will be a community effort.”
A change.org petition calling on Ripple to stop “dumping” XRP has recorded over 3,600 signatures since it was created last month.
Bitcoin, which has climbed some 200% so far this year, has meanwhile been trading sideways over the last couple of months as market watchers eye global regulators, technology giants, and the likes of Facebook’s libra for possible signals of where the bitcoin and cryptocurrency market might be going next.
However, sentiment among the wider cryptocurrency market has been boosted by bitcoin’s dominance, a measure of bitcoin’s value compared to the rest of the crypto market, climbing to levels not seen in almost two years.
“Bitcoin dominance is now comparable to where it was before there was even a developed market for altcoins,” eToro’s senior market analyst Mati Greenspan said via Twitter. “Hard to see it getting much stronger from here.”
Bitcoin dominance topped 70% this month, up from just over 50% at the beginning of this year, according to CoinMarketCap data.
Elsewhere, ethereum investors were cheered by news the ethereum network processed the most activity in its history.
Stellar, the world’s tenth biggest cryptocurrency by value, also made strong gains today, adding over 10%.