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    Home » Market Updates » Bitcoin Crushing Altcoins as BTC Price Sets New 2020 High

    Bitcoin Crushing Altcoins as BTC Price Sets New 2020 High

    Author: Jordan Lyanchev

    Last Updated Aug 17, 2020 @ 17:07

    Bitcoin has spiked above the coveted $12,000 mark to a fresh yearly high of $12,450. BTC’s dominance has also recovered slightly, as most alts are losing value against the asset.

    Bitcoin has responded to the rising altcoins and just pumped to a new yearly high of over $12,400. By doing this, the primary cryptocurrency has increased its dominance over the market after reaching a new yearly low earlier today.

    Bitcoin To $12,400 and Beyond?

    As CryptoPotato reported earlier, Bitcoin stood still at $11,800, while many low-cap alts were surging. Thus, BTC’s dominance dropped to its lowest point in over a year at 58.4%. Just a few hours ago, however, the first-ever cryptocurrency decided to act.

    BTC first broke above the psychological level of $12,000 and then the previous 2020 high of $12,100. Unlike the last time when the price move was quickly rejected, this time, Bitcoin kept its momentum and painted a new yearly high of $12,460 (on Bitstamp). As of writing these lines, BTC’s has retraced slightly to about $12,350.

    btc_usd_chart_binance
    BTC/USD. Source: TradingView

    If BTC manages to overcome the $12,400 resistance decisively, it will have to face $12,800 as the next obstacle towards $13,000.

    Bitcoin’s price pump today coincided again with a similar move from gold. The precious metal, which has displayed an increased correlation with BTC as of late, traded at about $1,950 per ounce for a few consecutive days before increasing its value with a sharp move today to $1,990.

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    Altcoins Bleed Against BTC

    With its move upwards, Bitcoin has left most of the altcoins hanging behind. While they were surging lately, most alternative coins are now in the red against the primary cryptocurrency despite marking some impressive gains against the dollar.

    Ethereum is down by 2.5% against BTC, Chainlink by 4.5%, EOS and Tezos by about 6%, and Binance Coin loses 4% of its value compared to Bitcoin.

    The most substantial losers against BTC are Swipe (-20%), Quant (-16%), Blockstack (-12%), Algorand (-11%), Kava (-11%), and Compound (-10%).

    Altcoins Vs. Bitcoin. Source: coin360.com
    Altcoins Vs. Bitcoin. Source: coin360.com

    Nevertheless, some altcoins are in the green, including Ocean Protocol (22%), OMG Network (10%), and Flexacoin (10%). Interestingly, Yearn.Finance, an asset intended to have no financial value by its creator, reached a new all-time high earlier today against the dollar.

    YFI/USDT exceeded $9,100 on Binance just a few hours ago and has retraced slightly to about $8,000.

    Ultimately, though, Bitcoin’s price pump has increased its market dominance, despite those increases from some alts. The metric comparing BTC’s total market cap with all other alternative coins has now grown to 59.1%.

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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 Gold
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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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