After gaining $6,000 in a few days, bitcoin’s price has calmed around the coveted $40,000 mark. Some alternative coins have outperformed their leader in the past 24 hours with notable gains from XRP, UNI, LINK, and SOL.
The past several days have been highly bullish for the alternative coins. Ethereum is a prime example as it dropped to $1,720 early last week, but it has been on a tear ever since.
ETH has added roughly $700 of value and earlier today registered a six-week high of about $2,460 (on Bitstamp). Despite retracing slightly, the second-largest crypto still stands at around $2,400.
Binance Coin (2%), Cardano (2%), Dogecoin (1%), Polkadot (3%), and Litecoin (1.5%) are also in the green. However, XRP, UNI, BCH, and LINK have increased by 5-6% in a day.
Furthermore, Solana is the biggest gainer from the larger-cap altcoins, following a near 14% surge to $32.
More gains come from Quant (21%), Flow (20%), Ontology (14%), Siacoin (10%), and OMG Network (10%). As such, the cumulative market cap of all crypto assets is just shy of $1.6 trillion as it’s up by about $300 billion in a week.
The primary cryptocurrency also enjoyed the past week or so. After the struggles below $30,000 on July 20th, the asset pumped hard and added more than $10,000 in days. This resulted in nearing $41,000 on July 28th, which became the highest price line since June 15th.
However, the asset failed to breach that level despite a few more attempts to break out. It even dipped below $39,000 shortly after, but the bulls didn’t allow further decreases.
In fact, bitcoin has calmed around a tight range for the past 48 hours and currently sits just below $40,000. Its market capitalization has remained at $750 billion, while its dominance over the alts has slid slightly to 47.5% as they have marked serious gains in the past 24 hours.
