After a few days of sideways trading, BTC has returned to its Q4 2020 bull run and painted a fresh all-time high above $28,500. The cryptocurrency gained more than $2,700 from yesterday’s lows. Most alternative coins have failed to follow and bitcoin’s dominance over the market has returned to over 70%.
Another ATH For Bitcoin At $28,570
Following the previous all-time high marked during the Christmas Holidays at $28,300, BTC started retracing and even dipped beneath $26,000 on a few occasions.
While the community was wondering and speculating if the late 2020 rally has been paused, the primary cryptocurrency decided to act again in the past 24 hours.
BTC firstly overcame the $27,000 mark before doing the same with the $28,000 price tag. Another leg up resulted in a pump to its latest all-time high of $28,570 (on Bitstamp).
Despite retracing slightly since then, bitcoin is still very close to $28,500 as of writing these lines.
The analytics company Santiment suggested that such a development could be possible because of the rising number of daily active addresses. The firm, which has described this metric as crucial for BTC’s price, outlined that the active addresses have continued hovering around the weekly high, while “on-chain transaction volume has shown some encouragingly high spikes.”
Bitcoin Price / Daily Active Addresses. Source: Santiment
Trailing Altcoins Increase BTC’s Dominance
Most alternative coins have failed to mimic BTC’s gains yet, despite some minor increases. Ethereum is up by 4% to above $735. Bitcoin Cash (4%) and Litecoin (3%) have risen to $355 and $130, respectively.
Polkadot is the most impressive gainer with an 11% surge. As a result, DOT trades north of $7.
Nevertheless, Ripple continues with its adverse price developments and struggles to stay above $0.20. Chainlink has also lost some value and trades at $11.6.
Some lower- and mid-cap altcoins, such as Kusama (9%), Aave (6%), NEAR Protocol (6%), FTX Token (6%), and Compound (6%) have also increased on a 24-hour scale.
However, their gains were not enough for the altcoins to protect their market share. Consequently, bitcoin’s dominance has surged to 70.5% after a few days under the 70% mark.