Bitcoin Dominance At 3-Month Low As BNB And Chainlink Paint New ATH (Market Watch)

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After a tumultuous day of trading, bitcoin now seems calm around $37,500. However, its dominance continues to suffer and has dropped below 61% as several altcoins have outperformed their leader. Those include Ripple and Cardano, and new all-time highs for Binance Coin and Chainlink.

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While Ethereum (-1%), Bitcoin Cash (-1%), Polkadot (-2.5%), and Litecoin (-2%) have charted minor losses in the past 24 hours, the other top 10 altcoin representatives have painted impressive gains.

Ripple and Cardano lead with similar 13% increases. As a result, XRP has neared $0.45 just a few days after dipping to $0.34. On the other hand, ADA has marked another 3-year high of about $0.50.

Binance Coin and Chainlink have headed for new all-time high records. Following a 9% jump on a 24-hour scale, BNB reached $58, while Chainlink’s 7% pump took the asset to $27.

Cryptocurrency Market Overview. Source: Quantify Crypto

As it typically happens, the lower- and mid-cap altcoins have displayed even more fluctuations. 0x leads with a 75% surge since yesterday and 130% in seven days. Consequently, ZRX has risen to $1.4.

More DeFi-related coins follow, including Maker (35%), Terra (29%), Ocean Protocol (28%), Ren (26%), Kyber Network (26%), Alpha Finance Lab (24%), and Synthetix (20%).

Ultimately, the total market cap has remained close to the all-time high at almost $1.150 billion.

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And while most alternative coins have enjoyed the past 24 hours with substantial gains, BTC has failed to display any significant increases. The primary cryptocurrency headed towards $39,000 but to no avail, and the subsequent rejection drove it down to a low of $36,200.

Nevertheless, bitcoin bounced off as the bulls drove the asset to its current position of about $37,600. As such, the rising alts have continued to reduce BTC’s dominance, which is now beneath 61% (on CoinMarketCap). This is the lower percentange since late November 2020. Just last Friday, the metric had increased to a high above 65%.

From a technical perspective, bitcoin has to overcome the resistance lines at $38,000, $38,800, and $39,190 before potentially challenging $40,000. Alternatively, the support levels at $37,000, $36,000, and $35,140 could assist in case of another price breakdown.

BTCUSD. Source: TradingView

 

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Cryptocurrency charts by TradingView.

Free Bitcoins: FreeBitcoin | BonusBitcoin

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