Bitcoin Stalls Around $46,000 As Alt-Season Resumes

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After Monday’s enhanced volatility, in which BTC skyrocketed to a new all-time high above $48,000, the cryptocurrency retraced slightly and currently sits around $46,500. In contrast, most altcoins have surged, including a new ATH above $140 for BNB, and have reduced BTC’s dominance again.

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Most alternative coins have enjoyed the past several days with impressive gains. The situation has only intensified in the past 24 hours for the majority.

A 3% increase has assisted Ethereum in reclaiming $1,800 after dipping to $1,770 yesterday. Polkadot (4%) stays north of $24, while Ripple has conquered $0.50 after a 7% rise.

Bitcoin Cash (6%) and Chainlink (9%) are also in the green. Cardano (16%) and Litecoin (11%) have jumped by double-digits to $0.81 and $195, respectively.

However, Binance Coin has stolen the show once again. BNB has been on a tear in the past week or so. In the past 24 hours alone, Binance’s native token has exploded by more than 50% to a new all-time high of about $145.

This means a 260% surge since the start of February when BNB was dabbling with the $40 price tag.

Cryptocurrency Market Overview. Source: Quantify Crypto

From the lower-seed altcoins, PancakeSwap is the best performer, with a 60% increase to nearly $8. Matic Network, the project that was rebranded to Polygon yesterday, is next, with a 55% surge to $0.12.

Avalanche (40%), Terra (38%), OKB (37%), Filecoin (36%), Ravencoin (32%), Huobi Token (30%), and Energy Web Token (30%) follow.

Ultimately, the crypto market cap has gone for another record above $1.420 trillion.

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Tesla’s purchase of $1.5 billion pushed the primary cryptocurrency to new highs on Monday above $48,000. However, bitcoin has failed to maintain its value at this height and quickly dipped $45,000.

After another leg up that resulted in nearing $48,000 yesterday, BTC retraced once more to about $45,500. Nevertheless, the cryptocurrency reclaimed some ground and currently sits just beneath $46,500.

The technical indicators suggest that bitcoin would have to overcome the resistance lines at $47,350 and $48,215 before potentially heading into uncharted territory again. Alternatively, the support levels at $45,000, $44,415, and $44,000 could assist in case of a retracement.

The gaining altcoins, though, have reduced BTC’s dominance over the market to 61.5%. Just on Monday, when bitcoin painted its latest record, the metric went above 63%.

BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.

Free Bitcoins: FreeBitcoin | BonusBitcoin

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