Bitcoin had a very lucrative few days of trading as its price increased with roughly $1,000 since the halving took place. As it pushed above $9,500 today and its dominance increased, however, large-cap altcoins continue to suffer and fail to claim serious ground.
Bitcoin Price Pushes Above $9,500
At the time of this writing, Bitcoin’s price is pushing above $9,566 and it reached a daily high of $9,590 on Binance. The cryptocurrency started pushing hard last night as it took down important resistance levels on the way up.
The first one that it overcame was the one containing the Golden Fib level 61.8% in the range between $9,130 and $9,200.
It’s currently trading above the resistance area between $9,400 and $9,500 and if BTC manages to close a few consecutive hourly candles above it and turn it into support, the next strong resistance is up at $9,800.
Bitcoin’s dominance has also increased to about 67.9% meaning that its relative share to the entire market grows stronger.
In the few short days since the having, the entire market managed to add around $26 billion to its capitalization which now stands at $257 billion.
Altcoins Getting Crushed
While Bitcoin continues to break new grounds, large-cap altcoins are not having the time of their life.
Even though some of them are marking slight increases in the range between 1% and 3% against the US Dollar, they are failing seriously against Bitcoin.
In the past 24 hours alone, the entire market is in the red against BTC. Ethereum is down about 1.7%, XRP is down 4.25% while Bitcoin Cash and Bitcoin SV have also decreased by more than 4% each.
It’s safe to say that we are nowhere near to an altcoin season. However, a lot of analysts speculate that if Bitcoin establishes a trading range between $8,900 and $9,400 for the next couple of weeks, altcoins will be able to regain strength and start to pop.
As it goes right now, however, BTC doesn’t show any signs of slowing down.