Altcoins have continued to defy the established order of coins surging only when Bitcoin surges.
Extreme volatility has also continued to play hard on Bitcoin as the crypto price tries to break into $60,000 yet again. However, its inability to break above that level has seen it lose some of its market dominance.
Its dominance over altcoins dropped below 43% as Ethereum, Binance Coin, Cardano, Shiba Inu, Litecoin, and Chainlink have marked new all-time highs.
The new ATH painted by al these altcoins have also pushed the market cap of all cryptos above $2.5 trillion.
Bitcoin’s continued resistance at $60,000
The coin showed strength in the past week, after dipping to $55,000. Bulls kicked hard and push the coin to $59,000 level but were unable to seal off above $60,000.
Bear action also continued to play hard on Bitcoin as every surge is followed by another immediate drop in price. BTC retraced below $56,500 after one of the rejections. Nevertheless, it recovered just as quickly.
In fact, the asset spiked to a new 3-week high at just over $59,600 a few hours ago. Despite retracing slightly since then, BTC continues to flirt with the $59,000 level.
These activities alongside altcoin incessant surge has seen the metric measuring BTC’s share relative to that of the entire market is down to a near 3-year low at beneath 44%.
Altcoins continue to defy BTC, paint new ATH
Altcoins have defied the odds completely that Bitcoin surge leads to a major surge in altcoin prices as a number of them have gone for new records in the past 24 hours again.
Earlier today, Ethereum breached $4,000 for the first time and marked its latest ATH at $4,150. Binance Coin followed along, and a 6% surge took the token to a record of its own at nearly $690.
Cardano, which has also been increasing for a few consecutive weeks, charted a record above $1.8. Chainlink and Litecoin did the same at above $52 and $400, respectively.
Polkadot (4.5%), Ripple (3.5%), Uniswap (2%), and Bitcoin Cash (11%) are also well in the green.
Other smaller-altcoins were also all green like OKB (16%), Telcoin (15%), Huobi Token (15%), Fantom (13%), Lisk (11%), Venus (11%), Harmony (11%), and Stellar (10%).
Ultimately, the cumulative market capitalization of all cryptocurrency assets went for a record at above $2.5 trillion.