$8 Billions Evaporated As Bitcoin Dominance Surges 2%

Bitcoin continues with its steady increase and reached an intraday high of $10,900. On the other hand, most alternative coins are losing substantial chunks of value, and BTC has increased its dominance over the market.

BTC Nears $11K

The primary cryptocurrency has been performing somewhat positive in the past few days. BTC marked a fresh 12-day high yesterday of above $10,700 and continued its positive movement to a new peak of $10,930 (on Binance).

However, Bitcoin couldn’t maintain its run, and the bears briefly gained control and drove its price to $10,650. Yet, BTC bounced off that level and accelerated back to its current level just shy $10,900.

From a technical standpoint, Bitcoin has to overcome the psychological and resistance level at $11,000 to continue towards the next ones at $11,150 and $11,450.

Contrary, $10,700 serves as the first support in case of a price drop, followed by $10,400 and $10,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

The described above Bitcoin performance resembled that of gold once again. The precious metal also experienced a price increase from $1,955 per ounce to its daily high of over $1,970. Similarly to BTC, it decreased since then to $1,960.

Alts Retrace And Increase BTC’s Dominance

Most altcoins are in the red today. Ethereum is down by 3% to below $365, while Ripple (-3%) is fighting to stay above $0.24.

Further losses are evident in the top ten from Polkadot (-2.3%), Bitcoin Cash (-3%), Binance Coin (-5.7%), Chainlink (-9.5%), Crypto.com Coin (-1%), and Litecoin (-3%).

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Some of the most significant losers in the past 24 hours are representatives of the DeFi sector. NXM (-27%), Flexacoin (-26%), SushiSwap (-25%), Serum (-20%), Armweave (-19%), Aragon (-18%), Synthetix Network (-17%), Swipe (-16%), Blockstack (-16%), Aave (-14%), and Band Protocol (-13%) are some of the examples.

Despite a few coins trading in the green, including ABBC Coin (12%), and Terra (10%), the total market cap has lost about $8 billion since yesterday’s peak.

The adverse developments within the altcoin field have assisted Bitcoin to increase its dominance. The metric comparing BTC’s market cap with all other alts tops 58%, and just a few days ago, it displayed 55.8%.

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Source: Crypto Potato