All in on Bitcoin: BTC Thrives While Altcoin Market Tanks

bitcoin rocket going to the moon

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.

Biggest Losers

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.

Short-term Forecast

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.

Altcoins

  •  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.

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