Bitcoin has faced strict resistance from breaking above $60,000 again as many large-cap altcoins like Polkadot and Uniswap have gained high, thereby reducing BTC’s dominance as the number one cryptocurrency.
Amidst high volatility in recent times, BTC has sustained its tempo hovering around $58,00 and $59,000. The stagnancy Bitcoin faced in the past few days has made these altcoins reduce its dominance with their impressive gain all week long. Polkadot is about nearing $40, while Uniswap has hiked by 10 percent.
High volatility to blame for Bitcoin $60,000 resistance
After easily breaking the $60,000 level last week, the BTC price retracted to correct around $54,000. However, high volatility in the past days has seen the number one cryptocurrency only edge close to that level again.
During the week, BTC dropped to a weekly low of $55,000 before reclaiming the $57,000 again. It has calmed since then. The highest it came was $59,400 and has pulled back again. At press time, it trades at $59,275.
Bitcoin’s stagnancy and inability to resume a bull run has cost it some percentage of its market dominance. The metric that compares BTC’s market cap with other altcoin has dropped to around 60 percent. It was above 62 percent earlier in the week.
DOT, UNI, BTT, other altcoins gain high amidst volatility
It’s all green taking a look at the Crypto market overview today (Saturday). However, most larger altcoins have remained stagnant like BTC over the week.
Ethereum in the last 24 hours has risen by just 1 percent. It has also not surged above the $1700-$1800 level it has maintained for a long time.
Binance Coin -BNB (2%), Cardano – ADA (1%), Chainlink – LINK (2%), and Ripple – XRP (3%) are also slightly in the green. However, Polkadot – DOT and Uniswap – UNI is the most impressive gainers from the top ten.
DOT has surged by about 8% and has neared the coveted $40 price tag. UNI, on the other hand, is up by 10% and has reclaimed $33.
Surprisingly, many low and mid altcoins have gained massively, although volatility with them is usually more intense.
BitTorrent (BTT) is the highest gainer surging 83% in one day and 160% all through the week to $0.0035.
Pundi X (55%), Holo (20%), Arweave (20%), TRON (17%), Helium (15%), and Siacoin (14%) follow.
Ultimately, Crypto market capitalization is now above $1.8 trillion. It was worth a bit less than that last week.