Bitcoin has long been the prime mover of the cryptocurrency market though that has begun to change in recent years.
Major coins ethereum, litecoin, Ripple’s XRP and bitcoin cash all moved sharply higher today as bitcoin remained on hold.
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.”
Meanwhile, 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.”