Odds Rise on XRP All-Time High, Plummet on Bitcoin Dominance

Potential ETF approvals for XRP, Solana, and other altcoins are looming in the near future, and traders are watching closely to determine which way prices may break—up or down. 

The pending uncertainty has led to a swing in odds on some of Myriad’s most traded prediction markets. 

Here’s a look at some of the hottest from this week.

(Disclaimer: Myriad Markets is a product of Decrypt’s parent company, DASTAN.)

Market Open: August 11
Market Close: Open to resolution
Volume: $26.6K
Link: See the latest odds on the “XRP’s Next Hit: Moon to $4 or Dip to $2” market on Myriad

Ripple-linked asset XRP has never traded above $3.65, according to CoinGecko, but predictors on Myriad see a jump to $4 happening before any dip to $2. 

Predictors currently give “$4” a 60% chance of happening as of Thursday morning. Those odds have been steadying throughout the week, but have been volatile since the market’s creation. 

Less than one month ago, predictors had odds completely flipped with around 62% predicting a more bearish $2 move.

But headlines have been more favorable for XRP of late. For example, the first ETF with exposure to spot XRP went live for trading on Thursday, offering traditional investors access to the asset. Plus, even more spot XRP ETFs may be just around the corner with looming decisions of approval a “near lock,” according to some analysts. 

Even a modest price gain of 3.6% in the last month has led to more predictions of a move to $4 as the asset trades at $3.12. 

For XRP holders, a jump to $4 represents a 28% gain. Though, those with conviction in the move could stand to gain closer to 40% on Myriad. 

What’s Next? Decisions on delayed XRP ETF applications are expected by mid-October. 

Market Open: August 26
Market Close: Open until resolution
Volume: $12.6K
Link: See the latest odds on the “BTC Dominance Next Move: Pump to 63% or Dump to 53% market” on Myriad

Alt season soon? Predictors on Myriad are keeping hope alive, with odds shifting in favor of a decrease in Bitcoin’s dominance to 53%, rather than a jump to 63%. 

Bitcoin dominance measures the percentage of the total crypto market cap that belongs to Bitcoin. In other words, when the Bitcoin dominance percentage drops, as predictors suggest, it means that the market cap of BTC relative to the entire crypto market cap has decreased—typically via gains in altcoins as Bitcoin remains steady or dips. 

As of Thursday morning, predictors favor the drop in dominance at 53%, a flip of 6% in the last 24 hours alone. That major move may coincide with the news that the SEC has created new generic listing requirements for crypto ETFs, setting an expectation that many assets beyond Bitcoin and Ethereum might soon have exchange traded products available.