google-news-img
spot_imgspot_imgspot_img

‘Bitcoin Is The Signal’: PlanB Flags Ethereum and XRP

    • Bitcoin is named the significant signal to watch in the market per PlanB.

    • The rivalry between Ethereum and XRP is resurfacing again.

    • The crypto market is facing undue volatility amid macroeconomic changes.

Popular crypto analyst PlanB recently highlighted Bitcoin’s (BTC) leading performance against Ethereum (ETH) and XRP.

The analyst suggested that Bitcoin’s strength is the sole driver of the ongoing bullish market momentum.

Bitcoin rose to the six-digit figure earlier in the day before dropping to the current price of $99,335 at press time.

The PlanB Focus on Bitcoin

PlanB shared in an X post that Ethereum and XRP are losing more ground against Bitcoin.

The analyst noted that the ETH/BTC ratio plunged below 0.03 BTC, following a similar trend in 2016.

The ETH/BTC ratio plunge below the 0.03 BTC level marks a 44% decline in the past year. It also represents its worst performance in a bull market.

- Advertisement -

Additionally, PlanB pointed out that XRP is trading below the flagship coin. Currently, XRP is trading at 0.00003 BTC.

For clarity, traders can buy 1 XRP for only 0.00003 BTC, signaling bearish sentiments towards XRP.

According to PlanB, XRP set this price earlier in 2013, emphasizing its relatively slow growth against Bitcoin.

PlanB claims Bitcoin has no rival, as evidenced by the current BTC/ETH and BTC/XRP ratio. “Bitcoin is the signal, shitcoins are noise IMO,” the crypto analyst concluded.

Latest Shift in Social Sentiment to ETH and XRP

XRP rose 30% in the early hours of Tuesday as bulls look to stage a recovery from the recent crypto market crash.

As XRP gains popularity, investors have shifted sentiments in how the market perceives the coin, leading to increased liquidity.

As investors explore the vast options in the crypto space, Ethereum’s supremacy maybe even further threatened.

Recently, XRP surpassed Ethereum in trading volume, reflecting growing investor confidence.

XRP recorded a 24-hour trading volume of $27.6 billion, topping Ethereum’s $27.64 billion.

Bitcoin, the ETH, and XRP Rivalry

Bitcoin, Ethereum, and Ripple’s associated XRP are seen mainly as long-time rivals in the blockchain space.

Ethereum has historically outperformed Bitcoin during bull market cycles. This is due to its smaller market cap than Bitcoin’s, allowing for more significant percentage gains.

Moreover, Ethereum’s fundamental role in Decentralized Finance (DeFi) often fuels optimistic speculation.

Many view Ethereum as the leading contender to replace Bitcoin and become the most prominent crypto by market value.

Ethereum came highly close to overtaking Bitcoin in July 2017 following an Initial Coin Offering (ICO) launch.

Again, Ethereum came close to challenging Bitcoin in early 2018 and then experienced another revival in 2021.

Despite Ethereum’s many attempts to occupy the first spot by market capitalization, Bitcoin remains irreplaceable.

Meanwhile, many XRP proponents have touted XRP as a potential Ethereum contender.  ETH has a capitalization of $341.1 billion per the crypto market ranking.

XRP, on the other hand, is worth $152.6 billion. This rapid rise positions XRP as a powerful player in the crypto payments space.

Broad-based Bull Market Rally

On Tuesday, February 2, the crypto market recovered from earlier bearish sentiments.

Bitcoin led the charge with a 4.2% surge to $99,335 in the last 24 hours. ETH, the top leading altcoin, followed a similar path with a 3.7% daily surge.

Other top performers in the market include Solana (SOL), XRP, Shiba Inu  (SHIB), Dogecoin (DOGE), and Binance Coin (BNB).

The surge in the crypto markets comes after US President Donald Trump postponed imposed tariffs on China, Canada, and Mexico.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.

Godfrey Benjamin
Godfrey Benjaminhttps://www.thecoinrepublic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.