Following a few days of enhanced volatility, bitcoin has calmed slightly north of the $58,000 mark. Some altcoins have used the opportunity to reduce BTC’s market dominance with impressive gains, including DOT nearing $40 and UNI jumping by 10%.
The past several days were quite volatile for the primary cryptocurrency. BTC went from briefly breaching above $60,000 to a sudden drop to $53,000 before reclaiming $7,000 again on Thursday.
Since then, though, BTC has calmed a bit. After dipping to $57,000 once more yesterday, bitcoin jumped to an intraday high of $59,400 and has retraced slightly to just north of $58,500.
BTC’s indecisiveness and inability to resume its bull run has caused the asset some of its market dominance. The metric comparing bitcoin’s market capitalization with all altcoins has dropped to roughly 60% after being well above 62% earlier this week.
If the first-ever cryptocurrency is indeed to resume its bull trajectory, it would have to overcome the first key resistance lines at the $59,720 – $60,000 area, $60,735, and $61,200, according to the technical aspects.
Alternatively, the support levels at $57,500, $55,465, and $53,500 could hold the asset in case of another price breakdown.
BTCUSD. Source: TradingView
Most of the larger-cap altcoins have also remained somewhat stagnant on a 24-hour scale. Ethereum is about 1% up since yesterday, meaning that the second-largest cryptocurrency still stands above $1,800.
Binance Coin -BNB (2%), Cardano – ADA (1%), Chainlink – LINK (2%), and Ripple – XRP (3%) are also slightly in the green. However, Polkadot – DOT and Uniswap – UNI are the most impressive gainers from the top ten.
DOT has surged by about 8% and has neared the coveted $40 price tag. UNI, on the other hand, is up by 10% and has reclaimed $33.
Cryptocurrency Market Overview. Source: Quantify Crypto
Naturally, the situation within the lower- and mid-cap alternative coins is significantly more volatile. BitTorrent (BTT) is the biggest gainer, with 83% in a day and 160% in the past week to $0.0035.
Pundi X (55%), Holo (20%), Arweave (20%), TRON (17%), Helium (15%), and Siacoin (14%) follow.
These developments have pushed the crypto market cap to above $1.8 trillion after a short hiatus beneath that level during the week.
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