Author: Bitcoin has continued to consolidate in the past 24 hours around the $37,000 price mark. In contrast, some alternative coins have charted serious gains, including ETH breaking above $1,350, and have reduced BTC’s dominance over the market to below 66%.
ETH To A New 3-year Record, BCH Reclaims $500
While most alternative coins mimicked BTC’s performance last week, it seems that most have started outperforming the largest cryptocurrency. Ethereum leads the charge with 50% gains against BTC in a relatively short period.
On a 24-hour scale, ETH has added 12% against the dollar to a new 3-year high of $1,385 (on Bitstamp). Thus, the second-largest digital asset came less than $100 away from breaking its ATH of $1,450 painted in January 2018.
Ripple has also increased by a significant percentage. XRP is up by 10% in a day to over $0.30. A 9% increase for Bitcoin Cash has helped BCH overcome the $500 mark and currently trades just shy $530. Litecoin is the most significant gainer from the top ten with a 14% surge to $165.
In contrast, Binance Coin (-1%), Chainlink (-3%), Polkadot (-3%), and Cardano (-3%) have lost some value since yesterday.
Enjin Coin is the best performer from the top 100 coins with a 27% surge. Ampleforth (25%), UMA (17%), THORChain (15%), Reserve Rights (13%), Neo (13%), Huobi Token (13%), Siacoin (12%), and VeChain (11%) are also representatives of the double-digit price increase club.
In total, the crypto market cap has remained above the coveted $1 trillion mark.
Bitcoin’s Dominance Drops As BTC Consolidates
While some alternative coins have charted double-digit gains, BTC seems stuck in a range in the past 24 hours. The asset dipped beneath $34,000 as reported yesterday but bounced off immediately to a high of $37,500.
However, the cryptocurrency has failed to breach above that level and, after some sideways trading, has returned to about $37,000.
The technical indicators suggest that bitcoin has to overcome the resistance levels at $38,000, $39,700, and $40,000 to resume its bull run. Alternatively, $36,000, $34,800, and $34,000 are the first support lines in case of another price breakdown.
As a result of the aforementioned developments with BTC and the altcoins, bitcoin’s dominance over the market has dropped to 65.5%. The metric comparing the market cap of BTC and all other digital assets has declined by nearly 5% in ten days.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.