The dominance increases because old coins lose value compared to BTC (Market Watch)
The dominance increases because old coins lose value compared to BTC (Market Watch)
The Bitcoin price has risen again in the last 24 hours and briefly exceeded $ 57,000 for the first time in five months. Most alternative coins seem to be left behind because BTC's dominance continues to increase.
Bitcoin touched $ 57k
You can certainly say that BTC has returned to his bullish course recovered from its burglaries under $ 41,000 two weeks ago. In the following days, the cryptocurrency added a considerable increase in value, exceeded the $ 50,000 mark for the first time in a month and only climbed further.
He rose over $ 56,000, which has reached a new one since the crisis in mid-May, but was initially stopped there yesterday. In fact, the bears pressed it down hard when Bitcoin fell below $ 54,500.
This decline only seemed short -term. BTC started to gain value again and reached a new five-month high with just over $ 57,000 a few hours ago. So far, however, it has not stayed there and has withdrawn by several hundred dollars.
Its market capitalization is well over $ 1,050 trillion. In addition, the Dominance has reached 46%today, there is 46% most of them have stalled.
old coins that stay behind BTC
While Bitcoin has recently been on the run, most alternative coins could not follow this example. Ethereum recovered from the crash at the end of September, but got stuck at around $ 3,600. In the last 24 hours it has stood there again after an unsuccessful attempt to rise.
Binance Coin, Solana, Polkadot, Cardano, Ripple, and Avalanche have recorded minor losses compared to the dollar, while Doge, Luna and University lost even more.
When checking the performance of these alts to BTC, the situation is even darker for you, which leads to the above-mentioned increase in Bitcoin dominance.
Not many low and mid-cap alts have recorded massive profits. Dydx and ren are among the few exceptions with similar increases of 10 %.
Nevertheless, the crypto market capitalization has increased by around $ 70 billion yesterday's low and is now $ 2,350 trillion.
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