Bitcoin has failed to break above $40,000 again and has stalled beneath $39,000. The altcoin situation is significantly more volatile, with Ethereum jumping north of $1,200 and Polkadot surpassing XRP as the fourth-largest crypto following a 30% surge.
The alternative coins demonstrated high volatility levels in the past week, with massive drops during the Black Monday crash and rapid recovery sessions in the days that followed.
Most large-cap ones have remained relatively calm on a 24-hour scale, though. Ripple and Litecoin have marked minor losses, while Binance Coin (2%), Cardano (2%), and Bitcoin Cash (1.7%) are slightly in the green.
On the other hand, Ethereum has jumped by 6% to $1,230. Thus, ETH has come 18% away from charting a fresh all-time high above $1,450.
Chainlink also came inches away from its record price after a 16% surge to north of $18. Nevertheless, Polkadot is the most significant gainer from the top ten with an impressive 30% price jump to a new ATH of nearly $15 (on Binance).
Moreover, DOT surpassed XRP in terms of market cap, according to data from CoinGecko.
Further gains are evident from lower- and mid-cap altcoins. HedgeTrade has seen the largest pump of 210% to over $2. On a weekly scale, HEDG is more than 320% up.
Voyager Token (62%), Curve Dao Token (40%), IOST (34%), Ren (25%), Cosmos (22%), SushiSwap (16%), Uniswap (14%), ABBC Coin (12%), and Bancor (12%) follow.
The total market cap has remained above the coveted $1 trillion mark.
Bitcoin also went through a highly-volatile week that saw a $12,000 price drop on Monday and a subsequent recovery that led to BTC touching $40,000 just yesterday.
However, the primary cryptocurrency failed to maintain above that level and slipped to an intraday low of $37,600 a few hours ago. Although BTC added a few hundred dollars of value since then, it still trades beneath $39,000.
BTC’s inability to spike above $40,000 has enabled the rising altcoins to reduce bitcoin’s dominance to 68.3% from about 69% yesterday.
The technical indicators suggest that bitcoin could chart a new ATH if it breaks above the resistance lines situated at $40,000, $40,775, $41,000, and the current record – $42,000.
Alternatively, the support levels at $38,000, $37,150, and $36,000 could assist in case of another retracement.
