Bitcoin Price Stopped At $11,800, Altcoins Got a Hit (Market Watch)

Bitcoin has recovered some of its dominance over the market in the past 24 hours after breaking above $11,600. At the same time, large-cap altcoins have calmed and even taken a hit, but fluctuations are evident among lower-cap alts.

Bitcoin Moves Ahead

As CryptoPotato reported a few days ago, Bitcoin’s price chart was forming a bullish reversal pattern suggesting a possible increase. At the time, BTC was trading at about $11,200 – $11,300, where it stood for a bit longer. In the past 24 hours, though, the primary cryptocurrency went on a hike and so far has climbed successfully above the resistance at $11,500.

Moreover, Bitcoin even managed to touch $11,800, where it got rejected and had its price decreased to $11,650. Nevertheless, the bullish reversal pattern’s primary target is at $12,000 and would be compelling to follow if the asset will indeed reach it. Should it succeed, BTC would have to fight off the next resistance level at $12,350 to continue upwards.

BTCUSD 5m. Source: TradingView
BTCUSD 5m. Source: TradingView

It’s worth noting that gold has also kept its momentum going. Upon breaking the $2,000 mark, the precious metal topped at $2,055 just hours ago. According to a recent JPMorgan analysis, gold is still the preferable choice for elderly retail investors, while the younger generations pick riskier and more volatile assets such as Bitcoin.

Low-Cap Alts On The Move

Most large-cap alternative coins have calmed after several consecutive days of price action. Ethereum is up 1% to $395, Ripple is still at $0,30, while Cardano and Binance Coin are retracing slightly by about 1%. Even Chainlink, which briefly spiked above $10 on some exchanges yesterday, displays less volatility at the time of this writing. Consequently, they lose ground against Bitcoin as BTC is up by over 3%.

Altcoins Vs. Bitcoin. Source:
Altcoins Vs. Bitcoin. Source:

The contrasting price developments from Bitcoin the large-cap alts have affected BTC’s dominance. After falling to 60.4% days ago, the metric comparing Bitcoin’s market cap against all other digital assets has recovered to 61%.

Bitcoin Dominance. Source: CoinMarketCap
Bitcoin Dominance. Source: CoinMarketCap

Yet, lower-cap alts are marking some notable price movements. Beginning with Band Protocol – the most impressive gainer of the day with a surge of 35%. This increase has arrived somewhat expectedly as the leading US-based cryptocurrency exchange Coinbase announced plans to list BAND to its platform, starting on August 10th.

Another substantial increase follows another listing on a leading exchange. This time the pump is from Travala (AVA) after Binance informed that it will open trading for AVA/BNB, AVA/BTC, and AVA/BUSD starting today. The asset price has responded in a bullish fashion with a 24% pump.

Other double-digit jumps include Bancor (20.8%), Kava (11.4%), Ren (10.5%), and Aurora (10.1%). In contrast, Nexo loses the largest chunk of its value by a 22% drop, followed by Ampleforth (-7%), and THORChain (-6.6%).

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Source: Crypto Potato