DOGE Enters Top 10 Cryptos While Bitcoin Eyes $40K (Again): Market Watch
Bitcoin’s dominance continues to suffer and has dipped below 61% even when the cryptocurrency has remained above the $39,000 mark. This is a result of exploding lower- and mid-cap altcoins.
While most larger-cap ones have calmed in the past 24 hours, Dogecoin has taken advantage and returned to the top 10.
Bitcoin Targets $40K Again
The primary cryptocurrency had a positive week in which it surged by about $9,000. Bitcoin dipped to $32,000 on Monday, but, perhaps driven by institutional investors withdrawing from Coinbase, started to gradually increase in value.
This culminated in a near 1-month top of $41,000 on Friday. However, the cryptocurrency failed to maintain its price at such a high level and fell beneath $40,000 shortly after.
The bears enhanced their endeavors and pushed BTC to an intraday low of $37,500 in the past 24 hours on Bitstamp. Nevertheless, bitcoin refused to stay down and has jumped above the $39,000 level once more.
From a technical viewpoint, BTC’s main obstacles are situated at $40,000, $40,735, $41,000, and the all-time high at $42,000. Alternatively, the support lines at $38,550, $38,000, and $37,350 could contain it in case of price breakdown.
Doge Returns To Top 10 And Lower-caps Explode
Most of the altcoin market has been on a roll lately, which resulted in several all-time high records for Ethereum, Binance Coin, Polkadot, Chainlink, and more. However, the situation is somewhat different since yesterday.
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Ethereum, Cardano, Polkadot, and Chainlink have painted minor gains, while XRP and Litecoin are slightly in the red.
BNB has added about 8% of value and has neared its record price at above $75. What’s perhaps more compelling, though, is the return of Dogecoin in the top 10 after a 20% surge to $0.07. This comes after a significant interest in the meme coin from Elon Musk, the Winklevoss twins, Snoop Dogg, and more.
The situation within the lower and mid-cap altcoins is substantially more volatile. Avalanche has gained the most with a 50% increase, followed by Elrond (48%) and Matic Network (45%).
Terra (27%), Solana (26%), 0x (22%), Cosmos (20%), NEM (20%), The Graph (20%), THORChain (18%), and Ravencoin (15%) are next.
Ultimately, these rising alts have reduced BTC’s dominance over the market to beneath 61%, after the metric neared 62% during the weekend.
