Bitcoin’s dominance over the market continues to suffer even though BTC has recovered from its dips and trades at $11,750.
This is primarily because of numerous impressive alt pumps, including Ethereum, which finally broke above $400 after its significant price surge.
Ethereum Over $400, LINK (Another) ATH, Alts Rejoice
The second-largest cryptocurrency by market cap is among the most impressive gainers from the past 24 hours. Ethereum dipped below $380 yesterday, but bulls took control and smashed the $400 psychological barrier. After a 13% increase from the daily low, ETH reached a new yearly high of $430 before retracing slightly to about $425.
Interestingly, on its way up, Ether has defied a few short-term fundamental concerns, according to the digital asset analytics company Santiment. Yesterday, the fees on the Ethereum network skyrocketed to an all-time high, and the active ETH addresses dropped to a 2-month low. The company highlighted both as typical bearish signals, and yet Ether pumped hard.
Most large-cap alts are in the green as well, including Ripple (4.5%), Bitcoin Cash (3%), BitcoinSV (3.3%), and Litecoin (4%). Almost expectedly, Chainlink is up by 5.3% and yesterday reached another new all-time high of nearly $18.5 (on Binance).
As CryptoPotato reported yesterday, Tron partnered with Waves to push mass adoption in the DeFi sector. As a result, both native cryptocurrencies (TRX) and (WAVES) are up by 15% and 40%, respectively.
Other double-digit gainers include Reserve Rights (26%), Algorand (23%), Serum (22%), Loopring (17%), Hyperion (16%), Lisk (15%), Ravencoin (15%), Flexacoin (14%), and Quant (13%).
In contrast, Ampleforth loses about 13% of its value, followed by Aragon (12%), and Synthetix Network (10%).
Bitcoin Tests $11,800 But Dominance Drops (Again)
The primary cryptocurrency nosedived to a daily low of $11,300 yesterday, but similarly to most of the market has increased its value since then to about $11,750 as of writing these lines. It’s worth noting that BTC’s 3.5% pump followed increases from the two most popular precious metals – gold and silver.
Thus, the two asset classes continue performing quite identically, and the increased correlation doesn’t indicate slowing down.
If Bitcoin is to face the $12,000 level again, it has to overcome the resistance at $11,750 decisively; otherwise, risks dropping back to the support lines at $11,400, $11,050, and $10,950.
Despite raising its value since yesterday, BTC couldn’t do the same about its market dominance. The metric continues to decrease its percentage and is now below 59%.
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Cryptocurrency charts by TradingView.