Bitcoin Skyrockets to 5-Month High: Dominance Soars as Altcoins Lose Value Against BTC (Market Watch)
The price of bitcoin went on another run in the past 24 hours and briefly exceeded $57,000 for the first time in five months. Most alternative coins seem left behind as BTC’s dominance continues to increase.
Bitcoin Touched $57K
It’s safe to say that BTC has returned to its bullish trajectory after it recovered from its sub-$41,000 dips two weeks ago. In the days that followed, the cryptocurrency added a significant chunk of value, broke above $50,000 for the first time in a month, and only kept climbing.
It went above $56,000, which became a new high since the mid-May crisis, but was initially stopped there yesterday. In fact, the bears pushed it down hard as bitcoin fell below $54,500.
However, this drop seemed short-lived. BTC started gaining value once again and went to a new five-month high at just over $57,000 a few hours ago. As of now, though, it has failed to remain there and has retraced by several hundred dollars.
Its market capitalization is well above $1.050 trillion. Furthermore, the dominance over the altcoins reached 46% earlier today as most of them have stalled.
Altcoins Left Behind BTC
While bitcoin has been on the run lately, most alternative coins have been unable to follow suit. Ethereum recovered from the late-September crash but remained stuck at around $3,600. In the past 24 hours, it has stood there once again after an unsuccessful attempt to spike higher.
Binance Coin, Solana, Polkadot, Cardano, Ripple, and Avalanche have marked minor losses against the dollar, while DOGE, LUNA, and UNI have dropped even more.
While reviewing those alts’ performance against BTC, the situation for them is even more gloom, leading to the aforementioned bitcoin dominance surge.
Even not many lower- and mid-cap alts have charted massive gains. DYDX and Ren are among the few exceptions with similar 10% increases.
Nevertheless, the crypto market cap has added around $70 billion from yesterday’s low and stands at $2.350 trillion now.
OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow