Altcoins are on the rise as Bitcoin’s dominance dropped to 66% when the asset hit $34,500 for the second time in the past three days. Polkadot however reached a new all-time high above $19 so let’s read more in today’s altcoin news.
Bitcoin’s bloody weekend continued with the dramatic price drop as the primary cryptocurrency dropped below $35,000 for the second time in 3 days. Remarkable gains for ADA were made and another one for Polkadot as altcoins are on the rise with Bitcoin’s dominance crashing to 66%. A few days after the Monday crash when BTC bottomed to about $30K, the cryptocurrency managed to recover most of the losses and tried to hit the $40,000 price level again.
However, BTC failed to breach above this level and started to gradually decline in value with BTC dropping to $34,500 with the bulls intercepting the move and leading it to an intraday high of about $39,000 a few hours later. The adverse developments returned and BTC dropped once again with this time even lower. As of the time of writing, BTC’s price is trading below $34,500 which is a drop of $3500 of a free fall in less than a day.
The technical indicators suggest that the next support levels could help when bTC starts crashing again like the ones set at $34,000 and $32,500 as well as $30,000. Bitcoin has to overcome major resistance at the $36,600 and the $37,150 levels before it is able to challenge the $40,000 again. Most alternative coins are in the red and managed to reduce the dominance of Bitcoin and to also gain more value against BTC.
The metric that compares BTC’s market cap with other altcoins was at 70% back in the week but then decreased to 66.2% as of writing these lines. This became quite possible after the impressive gains from coins like Cardano and Polkadot with DOT doubled-down on the recent bull run with another ATH above $19. On a weekly scale, DOT increased by 70% and the asset surpassed Ripple’s XRP as the fourth biggest cryptocurrency. on the other hand, ADA spiked by about 15% to a new high of $0.36.
Binance Coin, Ethereum, and Litecoin marked minor losses. Ripple dropped by 3%, Bitcoin Cash dropped by as well by 3%, and Chainlink by 8%. The most significant gainer over the past 24hours is Avalanche as its native coin jumped by 36% and entered the top 40 coins as it market cap crossed the $1 billion mark. Further gains were notable from Enjin Coin as it increased by 19%, NEAR Protocol by 18%, Kusama 14%, and SushiSwap increased as well by 14%.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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