Bitcoin’s price gained a few grand over the past days but was stopped ahead of $118,000 and now stands around $117,000.
Many altcoins have significantly outperformed the market leader, which has reduced its dominance by 2% to 58%.
BTC Dominance Drops
August started on the wrong foot for bitcoin, which started to lose value rapidly due to overall global economic uncertainty and Trump’s controversial actions that had a few nuclear submarines move close to Russia’s borders. The culmination took place on August 3 when BTC slumped to a multi-week low of just under $112,000.
Nevertheless, the bulls stepped up in the following days and didn’t allow a breakdown below $110,000. Just the opposite, the cryptocurrency started to recover and bounced to almost $118,000 yesterday, which became a 9-day high.
It failed there and now stands at around $117,000. Its market capitalization has calmed at approximately $2.330 trillion, while its dominance over the altcoins has taken a major hit. The metric is down to 58% on CoinGecko, which means that it has declined by 2% in just a few days.
Alts Take Main Stage
Altseason speculations are running rampant once again as many alts have produced impressive gains over the past days. Ethereum is leading the pack, with a massive surge to a three-and-a-half-year high of $4,200.
DOGE, LINK, and HYPE are the other notable gainers from the larger-cap alts, with price pumps of up to 8%. CRO, UNI, XMR, and many other mid-cap alts have also performed incredibly since yesterday. ENA has taken the spotlight, with a mindblowing 20% surge that has taken it to $0.73. PEPE follows suits, with an 11% pump.
Pi Network’s token has reacted well to the recent declines and is up by 10% to $0.4.
The cumulative market cap of all crypto assets has gained almost $200 billion since Thursday and is beyond $4 trillion once again.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
