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    Home » Market Updates » Bitcoin Dominance on the Rise as BTC Eyes $56K (Market Watch)

    Bitcoin Dominance on the Rise as BTC Eyes $56K (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Oct 11, 2021 @ 08:51

    Bitcoin took another swing at $56,000 but to no avail so far. However, BTC’s dominance over the alts has increased further.

    Following yesterday’s price slide below $54,000, bitcoin has started increasing in value once more and has neared $56,000. Although some altcoins like XRP and DOT have charted notable gains in the past 24 hours, BTC’s dominance has also risen.

    Bitcoin Aims at $56K

    The primary cryptocurrency exploded above $50,000 on October 5th and hasn’t looked back since. Just the opposite, it has been mainly on the offensive, which resulted in tapping $56,000 a few days ago for the first time in roughly five months.

    However, breaking above that level turned out to be more challenging than expected as the bears intercepted the move and pushed BTC south. As a result, bitcoin dipped by a few thousand dollars and went below $54,000.

    The situation changed once more in the past 24 hours. Instead of dropping further south, BTC started to increase in value once again and just a few hours ago touched $56,000.

    As it happened the last time, though, it couldn’t continue upwards and has retraced by several hundred dollars. Nevertheless, it’s still more than 1.5% up on the day and is close to its $56,000 nemesis.

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    Bitcoin’s market capitalization stands at $1.050 trillion, while the dominance over the altcoins has reached 45% since most have fallen further behind their leader.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    XRP and DOT See Impressive Gains

    As mentioned above, most alternative coins have stalled against their leader in the past several days. They are also rather calm against the dollar. Ethereum, for example, has failed to remain above $3,600, and a minor 24-hour drop has driven it back down below than line.

    Cardano and Dogecoin have marked insignificant gains, while Binance Coin, Solana, Terra, and Avalanche are slightly in the red.

    In contrast, Ripple and Polkadot have charted impressive gains since yesterday. XRP is up by 10% to $1.18, while DOT has increased by 8% and stands above $35.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

     

    The most substantial price gainer since yesterday is Stacks. A 38% surge has driven STX above $2. Klaytn (11%), Qtum (10%), and IOTA (7%) follow suit.

    The cryptocurrency market capitalization has also increased slightly in a day and is currently at $2.330 trillion.

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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.
    Tags: Bitcoin (BTC) Price Bitcoin Dominance
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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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