Altcoin Season Brewing as Bitcoin Price Stalls and Dominance Takes a Beating (Market Watch)

Bitcoin’s volatility continued over the weekend with a few $1,000 moves taking it from a high of $18,800 to $17,700 and back. The altcoins, however, have kept their recent momentum going and have reduced BTC’s dominance over the market to about 63%.

Bitcoin’s Volatile Weekend

The primary cryptocurrency displayed increased signs of volatility during the weekend. It started with charting a fresh yearly high on Saturday at nearly $19,000.

After coming just inches away from breaking the 2017 all-time high, BTC headed south with a vigorous nosedive of more than $1,000, resulting in a new intraday low at $17,650 (on Bitstamp).

The fluctuations intensified, but this time in the opposite direction as BTC jumped back to $18,700 a few hours later. After a subsequent retracement, Bitcoin sits now just above $18,400.

The technical indicators suggest that the cryptocurrency has to overcome the resistance lines at $18,950, $19,400, and $19,660 before potentially breaking the current ATH.

On the other hand, the support levels at $18,200, $18,000, and $17,700 could assist in case of another price breakdown.

 TradingViewBTCUSD. Source: TradingView

Altcoins Rejoice And Reduce BTC’s Dominance

The alternative coins have enjoyed the past several days. Ethereum has experienced another 7% increase and has risen above $580 as staking interest has been expanding lately.

Ripple has also doubled-down on its recent impressive price performance. XRP has added 4% of value and sits above $0.45.

Bitcoin Cash (1%), Binance Coin (1%), Chainlink (1%), Polkadot (3%), and Litecoin (3.5%) are also in the green. However, the most notable performer from the top 10 is Cardano. ADA has surged by 20% and has neared $0.15. Just a few days ago, ADA was struggling with staying above $0.10.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

The double-digit price increase club has several representatives from mid and lower-cap altcoins. Waves leads the way with a 37% increase on a 24-hour scale and a 77% surge in the past week.

Horizen’s daily gains are next with 30%. Numeraire (20%), VeChain (12%), Yearn.Finance (11%), and Celo (10%) follow.

Consequently, the altcoins have managed to decrease Bitcoin’s dominance over the market. The metric comparing BTC’s market cap with all alternative coins has dropped to 63.2%, while it hovered over 68% on November 19th.

Publication date: 
11/23/2020 - 09:07
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.