Only four days left until the Bitcoin halving event. This by itself could have been enough to fuel the primary cryptocurrency beyond the $10,000 mark.
Maybe it happened faster than expected, Bitcoin just reached the 5-digit mark for the first time since February 24, 2020.
As of writing these lines, BTC completes an incredible 35% price increase over the past ten days. Who could believe that less than two months ago, one Bitcoin traded for $3,600? Those who bought the dip can now celebrate almost 3X return on their investment.
The latter might turn into a significant resistance level, mainly because this is the current high of 2020 that was reached on February 13, 2020. Further above lies $11,000. From below, the first major support now becomes $9,800, followed by $9,400.
Altcoins Are Suffering
While Bitcoin is in the spotlight, the Bitcoin dominance ratio, which is the share of Bitcoin over all the other cryptocurrencies, is sharply rising. As of writing these lines, Bitcoin’s market cap is now 68% of the total market cap.
In other words, the altcoins are losing value against the surging Bitcoin. Many of the altcoins are also in the red against the US dollar.
The second-largest cryptocurrency by market cap, Ethereum (ETH) records 3% gains over the past 24-hours. However, ETH loses 3.5% from its value against Bitcoin. Same as for Ripple (XRP), following daily 6% decrease against Bitcoin. The following emphasizes the red day of the altcoins (against Bitcoin):
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