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    Home » Market Updates » $8 Billions Evaporated As Bitcoin Dominance Surges 2%

    $8 Billions Evaporated As Bitcoin Dominance Surges 2%

    Author: Jordan Lyanchev

    Last Updated Sep 16, 2020 @ 07:57

    Bitcoin increases its dominance over the market as most altcoins are losing value.

    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.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    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%).

    Cryptocurrency Market Overview. Source: coin360.com
    Cryptocurrency Market Overview. Source: coin360.com

    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%.

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    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.

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    Tags: Bitcoin (BTC) Price Bitcoin Dominance Ethereum (ETH) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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