Author: Bitcoin continues with its steady increase and reached an intraday high of $10,900. On the other hand, most alternative coins are losing substantial chunks of value, and BTC has increased its dominance over the market.
BTC Nears $11K
The primary cryptocurrency has been performing somewhat positive in the past few days. BTC marked a fresh 12-day high yesterday of above $10,700 and continued its positive movement to a new peak of $10,930 (on Binance).
However, Bitcoin couldn’t maintain its run, and the bears briefly gained control and drove its price to $10,650. Yet, BTC bounced off that level and accelerated back to its current level just shy $10,900.
From a technical standpoint, Bitcoin has to overcome the psychological and resistance level at $11,000 to continue towards the next ones at $11,150 and $11,450.
Contrary, $10,700 serves as the first support in case of a price drop, followed by $10,400 and $10,000.
The described above Bitcoin performance resembled that of gold once again. The precious metal also experienced a price increase from $1,955 per ounce to its daily high of over $1,970. Similarly to BTC, it decreased since then to $1,960.
Alts Retrace And Increase BTC’s Dominance
Most altcoins are in the red today. Ethereum is down by 3% to below $365, while Ripple (-3%) is fighting to stay above $0.24.
Further losses are evident in the top ten from Polkadot (-2.3%), Bitcoin Cash (-3%), Binance Coin (-5.7%), Chainlink (-9.5%), Crypto.com Coin (-1%), and Litecoin (-3%).
Some of the most significant losers in the past 24 hours are representatives of the DeFi sector. NXM (-27%), Flexacoin (-26%), SushiSwap (-25%), Serum (-20%), Armweave (-19%), Aragon (-18%), Synthetix Network (-17%), Swipe (-16%), Blockstack (-16%), Aave (-14%), and Band Protocol (-13%) are some of the examples.
Despite a few coins trading in the green, including ABBC Coin (12%), and Terra (10%), the total market cap has lost about $8 billion since yesterday’s peak.
The adverse developments within the altcoin field have assisted Bitcoin to increase its dominance. The metric comparing BTC’s market cap with all other alts tops 58%, and just a few days ago, it displayed 55.8%.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.