Bitcoin took another shot at $10,000 today as its price reached $9,960 on Binance. However, unlike the previous times, altcoins are looking to regain their strength as they managed to chip more than 1% of BTC’s dominance in the past few days.
Bitcoin Price Takes Another Swing At $10,000
Volatility doesn’t seem to fade in the crypto market as Bitcoin made another attempt to reach the coveted $10,000 mark less than a couple of hours ago.
The price reached $9,960 on Binance before retracing to where it currently trades at around $9,800. This said, Bitcoin is up about $500 in the past two days as it was trading at around $9,300 on May 16th.
If BTC is successful in retaking the current resistance around $9,800, the next target would be $9,950 – 10,000.
However, amid the recent volatility, another essential thing needs to be outlined.
Altcoins Gain Momentum
Throughout the past few weeks, while the price of Bitcoin was surging, altcoins failed to realize any notable gains. As such, BTC’s dominance – the index that measures its strength relative to the overall cryptocurrency market, peaked at around 68.2% on May 15th.
At the time of this writing, the index stands at 67.1%, meaning that in the last three days alone, altcoins managed to chip away more than 1% off Bitcoin’s total capitalization.
Indeed, every single large-cap cryptocurrency from the top 20 is currently trading in the green. In the past 24 hours alone, Ethereum is up 6.5%, Bitcoin Cash – 5%, Cardano – 5.1%, Bitcoin SV – 6.7%, while the rest have realized gains between 2% and 5%.
More interestingly, a considerable amount of altcoins have realized profits when trading against Bitcoin as well in the last 24 hours.
As seen in the chart above, about half of the cryptocurrencies are in the green against BTC, while the rest are charting very slight decreases. This is a notable change in the market behavior because up until now, almost all of the altcoins were bleeding heavily against BTC every time the major cryptocurrency made a move.