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    Home » Market Updates » Bitcoin’s Dominance Grows To 70% Following Massive Volatility Around $40K (Market Watch)

    Bitcoin’s Dominance Grows To 70% Following Massive Volatility Around $40K (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Jan 9, 2021 @ 10:01

    Most alternative coins are buried in red after the latest gains and BTC’s dominance has expanded to 71%, despite bitcoin’s rejection at $40K.

    Bitcoin’s highly volatile price performance continued in the past 24 hours after breaking above $40,000 to a new all-time high and a subsequent massive drop beneath $37,000. Most alternative coins have retraced following the latest rally and have increased BTC’s dominance to about 70%.

    Bitcoin Falls After The $40K ATH

    Apart from a brief dip beneath $29,000 on Monday, the primary cryptocurrency has been on a roll since the start of the year. Bitcoin bounced off immediately from the drop, recovered the $30,000 price tag, and hasn’t looked back since.

    Moreover, the cryptocurrency has continuously broken down new milestones that resulted in consecutive all-time highs. Just yesterday, BTC initiated another impressive leg up and conquered $40,000 for the first time. BTC’s run reached $40,300, which became the latest all-time high.

    However, the bears intercepted the move and drove the asset down to $37,500 minutes later. The high fluctuations took BTC to $40,000 again before an even more vigorous drop beneath $37,000.

    Nevertheless, bitcoin has recovered some losses and sits just beneath $39,000 as of writing these lines.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Retracing Altcoins Increase BTC’s Dominance

    Most alternative coins mimicked BTC’s latest gains with impressive double-digit increases. However, the majority has retraced in the past 24 hours.

    Bitcoin Cash (-2%), Binance Coin (-2%), Litecoin (-1%), and Polkadot (-3%) are slightly in the red.

    The most significant losers from the top ten are Chainlink (-6%), Cardano (-5%), and Stellar (-8%). On a weekly scale, though, the three coins are still well in the green – LINK is up by 37%, ADA by 63%, and XLM by over 120%.

    Ethereum has returned to $1,200, while XRP has added over 10% to above $0.31.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

    Further losses against the dollar are evident from Status (-22%), Loopring (-18%), Matic Network (-16%), Energy Web Token (-15%), NEM (-13%), Zilliqa (-13%), and more.

    Most of those coins have lost value against bitcoin as well. Consequently, BTC’s dominance over the market has increased to 70% after dipping to 68% just a few days ago.

    Although Enjin Coin (56%) and Decentraland (52%) have marked impressive gains in the past 24 hours, the total market cap has declined by about $50 billion, but it’s still above $1 trillion.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price Bitcoin Dominance
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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