After a few days of BTC marching forwards and the altcoins trailing behind, the situation has changed entirely in the past 24 hours. Massive double-digit gains for most alternative coins have decreased BTC’s dominance to 68%, while the market cap has skyrocketed to over $900 billion.
Sea Of Double-Digit Pumps In The Altcoin Market
During the past several days, most altcoins failed to mimic bitcoin’s impressive performance. As a result, BTC’s dominance over the market surged to about 73% at one point. However, this metric has dropped by 5% in the past 24 hours, following the latest developments.
Ethereum has led the early 2021 altcoin surge with a massive 40% increase. ETH has blasted through $1,000 and reached its highest price tag in nearly three years at over $1,150.
Bitcoin Cash has added 25% to $445, Cardano (31%) to $0.23, Chainlink (25%) to $15, and Litecoin (21%) to a new yearly high of $174. Two top-ten coins have painted new all-time highs – Polkadot and Binance Coin. BNB reached $44, while DOT saw a double-digit price tag at $10.5.
Ripple has increased by 15% on a 24-hour scale to $0.25. Nevertheless, XRP is still down by over 60% since mid-December.
Cryptocurrency Market Overview. Source: Quantify Crypto
Ethereum Classic (30%), OMG Network (30%), Aave (29%), VeChain (28%), Yearn.Finance (28%), Ampleforth (28%), Uniswap (27%), SwissBorg (25%) are a few more representatives of the double-digit price increase club.
Overall, the cumulative market capitalization of all cryptocurrencies has charted a new record of nearly $910 billion. This means a $150 billion increase since the start of 2021.
Crypto Market Cap. Source: CoinMarketCap
Bitcoin Stalls Around $33K
And while the alternative coins experience remarkable gains, BTC has slowed down. The primary cryptocurrency has been on a roll in the past several days, breaking down milestone after milestone.
After the latest all-time high of almost $35,000, the asset calmed and retraced with a few thousand dollars. As of writing these lines, bitcoin trades below $33,000.
The technical indicators suggest that the support levels at $32,700, $32,000, and $31,400 would assist in case of another retracement. Alternative, the resistance lines at $34,000, $34,615, and the ATH at $34,800 are the first obstacles if BTC returns to its bull run.
BTCUSD. Source: TradingViewTitle: Alt-Season 2021: Altcoins Rally Almost $40 Billion As BTC Stalls At $33K
Sourced From: cryptopotato.com/alt-season-2021-altcoins-rally-almost-40-billion-as-btc-stalls-at-33k/
Published Date: Mon, 04 Jan 2021 09:31:32 +0000
Marla Brooks – Financial Analysis
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