BTC remains indecisive and stopped at $33,000 but the crypto’s dominance increase while Ethereum and other altcoins lost more value in a day. However, Uniswap is the clear winner as it made 10% gains in a day, 280% in a month so let’s take a closer look at the market analysis in our cryptocurrency latest news.
Bitcoin’s inability to chart the gains continued over the past day as the asset dropped below $31,000 once again. Most altcoins lost value which actually helped BTC to reclaim its lost dominance on the market. as we are getting to the end of January, it’s worth noting that Uniswap’s UNI token soared 280% in one month. BTC is more than 10% down per week as the asset started slowly decreasing in value. The developments led to a recent drop below $29,000 which was the lowest price since early January. The asset initially recovered quickly and jumped to $35,000 turning out to be a false breakout while the bears gained control.
The adverse movements continued over the past 24horus as the main cryptocurrency dropped below $31,000 but it managed to bounce off as the bulls took it to a daily high of $33,000. The situation repeated once again as BTC declined to below $32,000. Yesterday, the miners realized profits that could have been a reason behind the latest inability for BTC to resume its bull run. From a technical viewpoint, the first support lines are set at $31,400, $31,000, $30,760 so if BTC aims higher, it will have to overcome the resistance levels at $32,500, $33,100, and $34,000.
Most of the alternative coins outperform Bitcoin over the past week which helped to reduce the BTC dominance to below 63%. They stalled or slumped on a 24-hour scale which increased the crypto’s dominance back to 63.3%. Ethereum dropped slightly by 2% to below $1300, XRP dropped by 1%, Bitcoin cash by 4%, Chainlink by 4% as well, Litecoin by 3% as well as Cardano. Binance coin is the only exception that made minor gains and trades just above $41. The strongest increases came from the lower-cap altcoins like Alpha Finance Lab that increased 45%, and Matic Network that increased 33%.
Terra made strong gains as well by 33%, Fantom increased by 40% and 0x by 13%. While BTC remains indecisive, Uniswap became the clear winner as it soared 10% on a daily basis, and 280% in the past month alone. The total market cap remains below the $1 trillion marks at $930 billion.
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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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