BTC Dominance Continues to Decline as Bitcoin Price Stuck Around $55K (Market Watch)

Following another rejection at $56,500, bitcoin slumped by about $2,000 but has calmed above $55,000. Most alternative coins have also stalled since the weekend gains except THETA, which continues to be the most impressive large-cap performer with another notable increase.

In any case, the BTC dominance index continues to decline, meaning that altcoins are showing strength against the primary cryptocurrency.

Bitcoin Calms Above $55,000

After the mid-week fears that it could drop beneath $50,000 for the first time since early March, bitcoin has been slowly but surely regaining value. It overcame several round-numbered obstacles, including $56,000 as reported yesterday.

The cryptocurrency continued slightly more upwards and reached an intraday high of $56,500. However, the bears took control at that point and didn’t allow any further increases.

Just the opposite, bitcoin dropped by about $2,000 in the following hours to a low of $54,500 (on Bitstamp). It has bounced off since then, though, added $1,000 and currently sits around $55,500.

If bitcoin is to resume its bull run, it would have to overcome the first resistance lines at $57,700, $58,455, and $60,000, according to the technical indicators. Alternatively, the support lines at $55,000, $52,500, and $51,540 could assist in case the price heads south again.

Larger-Cap Alts Stagnant but Not THETA

The altcoin market also followed its leader in the past few days by registering minor gains over the weekend. Somewhat expectedly, most larger-cap altcoins have also calmed in the past 24 hours.

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Ethereum and Binance Coin have lost approximately 1% each. As a result, ETH is just beneath $1,700, while BNB sits at $270. Uniswap and Chainlink have also dropped by a similar percentage and are down to $28 and $27.

Cardano, Polkadot, and Ripple are slightly in the green, while Litecoin and THETA have gained the most. LTC is up by 5% to nearly $195, while THETA continues with its impressive performance as of late with a 6.5% surge to $13.5. On a weekly scale, THETA is about 40% up and is the 9th largest crypto by market cap.

Harmony has added the most value on a 24-hour scale with a 25% surge to $0.21. Decentraland (19%), Hedera Hashgraph (18%), Klaytn (16%), The Graph (16%), Kusama (10%), Fantom (10%), and Curve DAO Token (10%) follow.

Overall, the relatively stagnant performance from the larger-cap altcoins means that the total crypto market cap has remained above $1.7 trillion.