Hike Day Had a New Showstopper: Ethereum (ETH), Ripple (XRP), & Litecoin (LTC) Soar To Record Highs

Bitcoin's market dominance down 5%

December 13 saw cryptocurrencies rise by 70%-130%

December 13 was a good day for crypto investors. The day recorded historical highs for at least 3 major cryptocurrencies offered by Ethereum, Ripple, and Litecoin.

  • Ethereum’s ETH breached the $700 mark and was seen trading at levels about 70% up from 3 days ago (Dec 10 close).
  • Ripple’s XRP was on a tear: was seen trading at $0.50 during the day, a good 110.67% up from its $0.24 close on Dec 10.
  • Litecoin’s LTC was seen trading at $341.8 during the day; a level that’s a whopping 130% up from 3 days back!

Bitcoin’s dominance affected

Interestingly, the king of cryptocurrencies, Bitcoin (BTC), has just been able to record a 14.2% hike over the same period. The impact of the rise in the other cryptos was such that Bitcoin’s dominance in the cryptocurrency market was down from above 60% until December 12th to 55% on December 13th.

Hike day had a new showstopper!

With these three cryptocurrencies making record highs, a good portion of the financial market buzz was seen centered about the cryptoworld. The US Securities and Exchange commissions’ rate hike decision, which is generally the showstopper on any given trading day, saw a different day. US stock markets closed down by 0.05%, with financial stocks tanking by 1.24% on December 13th as the US Federal Reserve raised interest rates in the US for the 3rd time this year to normalize its balance sheet. The benchmark federal funds rate now stands at 1.25% – 1.50%.

We would not hesitate to title cryptocurrencies such as Ethereum, Ripple, and Litecoin as the showstoppers for the day!!