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XRP, ADA, and SHIB may be the top beneficiaries of Bitcoin’s open interest. In this Pooyanmusic post, we want to see what is the positive effect of Bitcoin on the price of Ripple, Cardano and Shiba?
Bitcoin (BTC) open interest is rising. Meanwhile, the top altcoins will benefit from the trend.
The cryptocurrency market is currently in consolidation mode. Bitcoin (BTC) price is currently at $26,905, up 1.86% in the last 24 hours. Bitcoin’s momentum is complemented by positive ticks in other key aspects of the protocol, including transaction volume, which is now up 23 percent to $8.159 billion.
Amid this very promising start to the week, Bitcoin is currently seeing a significant increase in open interest, as confirmed by CoinGlass data. This increase in open interest is a significant trend that may see a massive influx of new cash into the BTC network. A trend that could help drive up prices around the world.
To further put this potential in perspective, CoinGlass acknowledged that according to its data, a large movement appears to be forming. Because of the current growth rate that reinforces these sentiments.
The effect of Bitcoin on the price of Ripple, Cardano and Shiba?
The increased open interest in Bitcoin options may have broader implications for other top altcoins such as Cardano (ADA), XRP, and Shiba Inu (SHIB). These are coins with a rich history of maintaining a very close correlation with Bitcoin. Any possible increase in the price of the top coin may lead to an increase in these altcoins as well.
With Bitcoin dominance returning to the 50% level in the last 24 hours, it is more likely that the impact of this asset will be greatly increased by the three ADA, XRP and SHIB.
Other altcoins are also affected by this potential bullish trend for Bitcoin. The fact that the three altcoins under review have vibrant ecosystems with dedicated buyers makes them prime candidates to experience a resurgence.
