Looking at the Altcoin market watch we can see that the coins are shooting up in price while Bitcoin’s dominance taps a yearly low and the price dropped by $1600. Some of the altcoins are taking advantage of the BTC price movement as we are reading more in the upcoming altcoin news.
Following the crazy weekend ride in the crypto market, the situation seems less volatile among the larger-cap assets. Bitcoin returned to $11,200 while ETH hovers above $380. However, some lower cap-altcoins are displaying high fluctuations again as we are looking at the altcoin market watch data. The weekend was quite volatile for the main cryptocurrency as Bitcoin went on a bull run and marked a yearly high of above $11,700. It retraced slightly in the next few hours but BTC reached $12,000 again on Sunday.
After touching $12,000 on some exchanges, there was a violent price drop and in a matter of minutes, Bitcoin bottomed at $10,490 marking a $1600 drop. BTC later calmed and the largest crypto by market cap is now trading in a tight range between $11,000 and $11,350. This level managed to hold BTC from a deeper crash in the previous 2020 high which is now in a huge support line. Bitcoin can rely on it again if it breaks below the first three at ,100, ,000, and ,800.
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If the asset continues upwards, it will have to face the resistance at $11,400.
Most alternative coins followed Bitcoin’s price movement from yesterday with some impressive moves. The larger-caps altcoins have calmed down with several exceptions as Ethereum is trading at $385 and Ripple’s XRP reached $0.30. At the time of writing, the double-digit price pumps are visible in the lower cap altcoins including Terra by 20%, Swipe by 18%, Ren by 17%, Aave by 14$, Ocean Protocol by 15%, Synthetix Network by 11%, Kava 10.7% and Flexacoin by 13%.
There are three representatives from the double-digit decline club such as Ampleforth, Quant and Midas Touch Gold by 13%, 11.2%, and 16% respectively. However, since most of the altcoins are in the green, it affected the BTC dominance and the metric tracked down Bitcoin’s market cap relative to that of the entire market which dropped below 61% after reaching 63% earlier in July.
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