Author: Bitcoin marches confidently towards new yearly highs while most alternative coins have failed in pursuit. Consequently, BTC’s dominance over the market has climbed above 65%.
Red Dominates The Altcoins
On a 24-hour scale, most alternative coins have either decreased in value or remained stagnant.
Ethereum initiated a leg up towards $470, but the bears didn’t allow any further increases. In fact, they drove ETH’s price south, and the second-largest cryptocurrency struggles at $460 as of writing these lines.
Ripple also took another swing at $0.26 but to no avail. XRP has slid since then and trades below $0.255.
Polkadot (-0.6%), Binance Coin (-0.8%), and Cardano (-0.9%) have all declined slightly from the top ten. However, Bitcoin Cash and Chainlink have lost the most value here. BCH’s 5% drop has decreased the asset to $250, while LINK (-3%) is below $12.5.
Litecoin is the only exception. LTC has pumped by 4.5% and hovers above $60.
Further losses are evident from ABBC Coin (-11.6%), Ocean Protocol (-11%), NEAR Protocol (-10%), and OMG Network (-9%). In contrast, Decred is the most significant gainer since yesterday, with a 15% price increase.
BTC’s Dominance Rises With A New YTD High
As reported earlier today, Bitcoin doubled-down on its recent impressive performance. Less than a week after sufferring a severe price breakdown that took it to $14,300, BTC overcame the $16,000 obstacle.
However, that didn’t seem enough for the primary cryptocurrency. The bulls took it a step further in the following hours, and BTC touched $16,500 – the new highest price tag since January 2018.
Although Bitcoin has retraced slightly to $16,280, this is still a 2.3% increase in a day.
Bitcoin’s dominance has increased as a result of the aforementioned price developments for BTC and the altcoins. The metric comparing the total market capitalization of the first-ever digital asset with all other coins now displays 65.2%. This is a 1.5% increase since November 11th, when most altcoins, especially DeFi tokens, were rallying.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
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.
