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.
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.
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.
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.
