BTC’s Dominance Grew To 70% After Yesterday’s Massive Volatility

BTC’s dominance grew to 70% after yesterday’s massive volatility as most other alternative coins are buried in red after the dominance expanded and BTC hit $40,000 so let’s read more in today’s BTC news.

Bitcoin’s highly volatile price performance continued over the past 24 hours after breaking above the $40,000 price level, making a new all-time high and a subsequent massive drop below $37,000. Most alternative coins retraced after the latest rally and increased BTC’s dominance grew about 70%. Apart from the brief drop below $29,000 on Monday, the main cryptocurrency entered a roll since the year started. BTC bounced off right from the drop and recovered the $30,000 price tag and hasn’t returned ever since.

The cryptocurrency broke down a few other milestones that resulted in a consecutive all-time high and even initiated another impressive leg up conquering $40,000 for the first time and then it shortly reached $40,300 which became the latest all-time high. The bears intercepted the move and led the coin towards $37,500 minutes later. The fluctuation led the coin to $40,000 again before a bigger drop below $37,000. BTC recovered some losses and sits below $39,000 as of the time of writing.

Other alternative coins mimicked Bitcoin’s latest movements with some impressive double-digit increases but the majority retraced over the past day. BCH retraced by 2%, BNB by 2%, LTC by 1%, and Polkadot by 3%. The most important losers were Chainlink with 6%, Cardano with 5%, and Stellar with 8%. These three coins however are in the green on a weekly scale with LINK by 37%, ADA by 63%, XLM by over 120%. ETH returned to $1200 while XRP added over 10% to above $0.31. More losses against the dollar are evident from Status as it lost about 22%, Matic Network 16%, NEM 13% and Ziliqa 13% as well.

Most of these coins lost value against BTC as well with its dominance over the market increased to 70% after it dipped below 68% a few days ago. Also, Enjin Coin and Decentraland increased impressively in the past 24 hours with the total market cap declining by about $50 billion but it is still above $1 trillion.

As of the time of writing, BTC shoot past $40,000 marking yet another all-time high. It previously surged above $39,000 after the Democratic win that enhanced the market sentiment. The bullish outlook on BTC improved even more after the Democrat Jon Ossoff won the second election of the Senate in Georgia.