Analysis of major cryptos: Bitcoin soars $1700 in two days

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48 hours after bottoming at $17,500, bitcoin has recovered the losses and spiked back beyond $19K, at the time of publication. Analysis shows that most major cryptos are also green, besides Ripple (XRP), which continues to fall in value following the Spark (FLR) airdrop snapshot.

Bitcoin rises above $19,300: Is It Overvalued?

BTC saw high volatility during the past week. Two days ago, it went from trading safely around the $19K mark to as low as $17,500.
However, after Wall Street ended its week, the bulls came back, reclaiming the $18,000 as reported yesterday.
In the past 24 hours, BTC doubled down on its weekend gains and broke above $19,000. BTC recorded a daily high at around $19,300 some minutes ago.
Despite the recent bullishness, the crypto analytics company Santiment warned that “the situation could change rather rapidly.” The firm’s data indicated that the general sentiment among social media was the most negative it had been in two months.
The firm further explained that panic sell-offs were also “prevalent, as exchanges inflow spikes showed traders moved their assets to exchanges to dispose of.” Thus, Santiment concluded that the cryptocurrency had reached an overvalued status again.

Altcoins’ Road To Recovery: BTC Dominance on the Rise

Altcoins had it even worse during the latest price drops. Nevertheless, they started recovering in the past few days, similarly to bitcoin.
Ethereum has gained another 3% of value in the past 24 hours and has spiked to $578 as of now. Bitcoin Cash (1.7%), Binance Coin (2.4%), Chainlink (1.3%), Polkadot (1.5%), Cardano (1.5%), and Litecoin (3.5%) are in the green too.
Despite these decent gains, most altcoins had lost value Bitcoin-wise, as Bitcoin’s dominance was increasing over the past few days. As of now, BTC Dominance is at 63.7%, according to CoinMarketCap.
The only exception for a second consecutive day is Ripple. The Spark (FLR) airdrop snapshot happened on December 12th, 00:00 UTC, and XRP has been falling in value since then. As a result, the third-largest cryptocurrency by market capitalization struggles with $0.50.
NEM is the most impressive gainer from the top 100. XEM has jumped by 7.5% and trades north of $0.25. NEAR Protocol (6%), Quant (5.6%), Zilliqa (5%), Ren (5%), and 0x (5%) follow.
As a result of the aforementioned developments, the analysis of major cryptos market cap shows that it has spiked to nearly $560 billion. This means an increase of about $40 billion since the dip on Friday.
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