The crypto market in the last 24 hours has been a mixture of the good, bad, and ugly as the market cap surged above $2.3 trillion with ETH, BNB, and DOGE breaking into new all-time high prices.
Number one cryptocurrency, Bitcoin, however, reached a 15-day high but retraced immediately as its price stall below $60,000. The coin plummeted by more than $4,000 in hours after touching $59,000.
This is against the backdrop of altcoins tapping new highs and making significant gains except for BTC.
In the past 24 hours, the situation seemed somewhat different as BTC pumped from $56,000 to a new 15-day high at $59,000.
However, the bears resumed control and pushed the cryptocurrency south by more than $4,000 to a low of $54,500.
Amidst these back and forth for BTC, it still trades at a red 3.5% down on a 24-hour scale. Lastly, BTC’s dominance as number one crypto has continued to decrease and now, it is down to 46.3%.
Altcoins a mix of good, bad as BNB, ETH taps new ATH
The number one altcoin Ethereum in the last 48 hours no has consequently painted new ATH. The past 24 hours didn’t disappoint the ETH bulls as the asset went on towards its latest record at roughly $3,450 after it broke the $3,000 ATH level on Monday.
ETH now has a 320% up year-to-date after the financial market plunge in March 2020 due to the COVID-19 pandemic.
Binance Coin has also been an incredible performer reaching $680 for a new all-time high yesterday, and its market cap broke above $100 billion for the first time.
Dogecoin followed the aforementioned developments with a record of its own as well. This time, the popular meme coin spiked to above $0.45.
However, other large-cap altcoins have also been going south with Ripple XRP plunging (-6.2%) in the last 24 hours. Similarly, Cardano (-1.5%), Polkadot (-4%), Uniswap (-5.5%), and Bitcoin Cash (-3%) have lost some traction.
Waves is the most significant gainer from the top 100 coins, following a 70% surge to above $40. THORChain (19%), Ethereum Classic (15%), OMG Network (14%), Flow (10%), and Avalanche (10%) are next.
In contrast, Fantom (-10%) has lost the most, followed by Polygon (-9%), Holo (-8%), Ravencoin (-8%), and Dent (-8%).
Analyst: Ethereum at $3400, what next?
Petr Kozyakov, co-founder and CEO at the global payment network Mercuryo, in his daily crypto price analysis, explained what may be next for ETH after breaking above $3,000 and hitting a new ATH at $3,400.
The CEO attributes ETH surge to the growing number of developers building DeFi applications on the platform, and growing institutional interest in the altcoin.
Petr explains that Ethereum might continue going further up, it might stop in the vicinity of $5k, or it might correct to some lower point.
He notes that ETH has outperformed many past predictions and urges that what anyone can really do is keep a close eye on the market and see what will happen next.