All in on Bitcoin: BTC Thrives While Altcoin Market Tanks
It seems Bitcoin has decided to go at it alone, leaving the altcoin market behind as it heads for the moon. After touching $5,600 yesterday, BTC retraced to $5,500, dropping by around two percent along with the rest of the market. However, a huge spike in volume as Asian markets opened this morning sent the price northbound again while altcoins continued to slide.
- BTC is up 3 percent today trading at $5,560 and it’s market cap could cross $100 billion if the gains continue.
- Yesterday the overall cryptocurrency market was looking set to cross $200 billion in value before this morning’s setback.
- Now, with the majority of altcoins down by 5 percent and the market back below $180 billion, it seems Bitcoin alone will have to prop it up.
Bitcoin Cash (BCH) and Litecoin (LTC) are today’s biggest losers, both down by around 7 percent. This is unsurprising as both BCH and LTC have performed excellently over the past few months and were in overbought territory. While it might be struggling a bit today, BCH is actually up 73 percent over the past month.
After yesterday’s golden cross moment that confirmed a bullish trend reversal for BTC, many analysts predicted a downside correction due to Bitcoin being heavily overbought. However, with Bitcoin dominance at the highest level its been all year (55%) and the price still rising, BTC could defy the market.
- XRP is down 2.5 percent today but it is still trading sideways in a tight range and will likely maintain its place above $0.31. The coin doesn’t seem as badly affected by the recent drop as most other altcoins.
- Ethereum (ETH) has followed a similar pattern but has fallen below support at $170 after testing $178 yesterday. If it fails to hold support above $167 then further losses are on the cards.
- Binance Coin (BNB) has seen some of its worst losses over the past 24 hours. After a spectacular climb to $25 this month it lost 7 percent yesterday and dropped to $22. A minor recovery means it’s now holding above $22.30.
- Stellar (XLM) and Cardano (ADA) have also suffered heavy losses, both down 5 percent today.