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.
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.
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.
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.
