Bitcoin has remained stagnant around the $34K mark, struggling to break above the $35,000 threshold. Bitcoins’s price has been contained in a narrow range between $33K and $35K, with a brief dip to $33,000 following a failed attempt to surpass $35,000. Bitcoin’s lack of movement has been juxtaposed by a robust performance from large-cap altcoins, including Binance Coin, Ethereum, and Cardano, which have all shown significant growth.
Binance Coin Breaks Records
Binance Coin (BNB) made headlines with a 10% rise, pushing it above the $50 mark and setting a new all-time high above $52. The momentum seen in Binance Coin contrasts with Bitcoin’s stagnant price action and highlights the growing strength of certain altcoins.
Ethereum Nears Previous ATH
Ethereum has made impressive strides in the past 24 hours, surging by 8% to approximately $1,400. ETH is now approaching its all-time high of $1,440, last seen in January 2018. Although Ethereum briefly touched $1,480 in January 2021, it has yet to break its all-time high, despite the recent upward price movement.
Altcoins in the Green
Aside from Binance Coin and Ethereum, other large-cap altcoins like Chainlink (+5%), Bitcoin Cash (+3%), Polkadot (+2%), and Litecoin (+5%) have also seen positive price action. Cardano (ADA), however, led the charge with a notable 23% surge, pushing the price to $0.42.
XRP Faces Setback
On the bearish side, Ripple’s XRP has been the largest loser, plummeting by 40% to $0.35. The drop comes after a few days of positive momentum following the company’s response to SEC charges and potential market manipulation, resulting in XRP’s substantial fall.
DeFi Altcoins Surge
In the DeFi sector, mid- and lower-cap tokens have experienced impressive gains. FunFair (50%), Band Protocol (34%), Terra (30%), and SushiSwap (30%) are among the best performers. SushiSwap, in particular, has seen a 70% increase on a weekly basis, now trading at $13.
Bitcoin’s Market Dominance Declines
As altcoins outperform, Bitcoin’s market dominance continues to drop. Bitcoin’s dominance has fallen to 62%, down from a recent high of 65%. This shift indicates that altcoins are gaining more market share, eroding Bitcoin’s dominance.
Altcoins Surge While Bitcoin Struggles for Direction
While Bitcoin remains caught in a tight range between $33,000 and $35,000, major altcoins are experiencing strong growth. Binance Coin has set a new record, Ethereum is closing in on its previous ATH, and Cardano continues to impress. Meanwhile, Bitcoin’s dominance has been shrinking as altcoins increasingly capture market interest, signaling a potential shift in market dynamics.
