After a few consecutive days of price drops, bitcoin has regained some value and has jumped to around $33,000. However, most alternative coins have outperformed their leader with massive gains and have reduced BTC’s dominance over the market to 64%.
The past several days have been rather harmful to the altcoins as the cumulative market capitalization lost about $200 billion to beneath $900 billion.
However, most alts have bounced off hard in the past 24 hours with impressive gains.
Ethereum has surged by 8.5% to above $1,270. Ripple has added 4% of value and has neared $0.28. Bitcoin Cash (4%), Binance Coin (4.6%), and Litecoin (2.5%) are also well in the green.
Cardano and Polkadot have increased by approximately 10% to $0.35 and $18, respectively.
However, Chainlink is the best performer from the top ten with a surge of 20%. Thus, LINK surpassed its previous ATH marked earlier this month. As of now, LINK’s new price records stands above $24 (on Bitstamp).
More gains are evident from lower and mid-cap altcoins. Decentraland leads with a 42% increase to $0.20. Curve DAO Token (30%), Basic Attention Token (23%), NXM (23%), The Graph (22%), THORChain (20%), Market (19%), Tezos (16%), and NEAR Protocol (16%) follow.
The primary cryptocurrency was also slipping in value since it failed to breach above $38,000 earlier this week. Moreover, bitcoin even dropped below $30,000 for the first time since the first week of January.
Some of the price losses could be explained with the FUD that emerged following false reports that there was a double-spending on the Bitcoin network. However, these rumors were debunked by some of the industry’s most prominent names.
As such, the asset managed to reclaim some ground in the past 24 hours and reached a high of almost $34,000. Since then, BTC has retraced slightly and currently trades just below $33,000.
The skyrocketing altcoins, though, have reduced bitcoin’s dominance over the market. The metric that compares BTC’s market cap with all alternative coins has fallen to 64%. This means a 6% decline in about a week.
