Other cryptocurrencies rather than Bitcoin [BTC] felt today’s pressure as the price of the leading cryptocurrency BTC finally poked its head.
Bitcoin managed to regain almost 1.5% of its market dominance over the past 24 hours alone, leaving other cryptocurrencies in despair.
Altcoin’s Breaking New Grounds
One of the foremost precise metric to keep an eye on to determine the present state of the market is Bitcoin’s dominance. It measures BTC’s share relative to the whole market.
Moreover in other words, when BTC’s dominance goes down, altcoins are breaking new grounds and the other way around.
Over the past 24 hours alone, Bitcoin managed to gain around 1.5% of the whole market’s capitalization. This is often largely because the cryptocurrency is up over 4% over the same period of time.
As per CoinMarketCap, all the major cryptocurrencies are trading within the red against Bitcoin, with a number of them marking double-digit declines. Cardano [ADA] is down 10%, Tezos [XTZ] is down 12%, while LINK is down upwards of 11%.
Bitcoin vs Smaller-Cap Altcoins
Looking at smaller-cap altcoins, things gets even worse. Ampleforth [AMPL] is down about 23% against BTC within the past 24 hours. Swipe is true there with it, while other DeFi projects like Compound, Aave, Bancor, and Loopring, are down between 10% and 15%.
In any case, all of this was somewhat expected. It’s nearly always the case when Bitcoin starts trending upwards, altcoins tend to suffer.
From a technical perspective, altcoins might hope to continue their gains once BTC slows down. From above, subsequent major resistance Bitcoin is expected around $10,500 USD.
After that, there’s another challenge at $10,800 USD and $11,000 USD. Counting on how Bitcoin behaves within the following days, altcoins might get the prospect to rebound, or, of course, they will drop further below.