Altcoins Surge as Bitcoin Remains Sluggish
While bitcoin has been relatively slow in terms of price performance, altcoins have seen significant gains. Ethereum has reached its highest price in over a year and a half, while SOL and ADA have experienced double-digit surges.
Alts Catch Up
Bitcoin previously outperformed alternative coins, leading to an increase in its market dominance. However, altcoins have fought back with notable gains. The largest one, Ethereum, has surged by 5% to over $2,350. SOL has soared by 13% and ADA by 12%.
Other altcoins, such as Chainlink, Polkadot, Polygon, Shiba Inu, Uniswap, and LDO, have also seen modest gains.
BTT continues its rally with a 33% daily surge, followed by Bonk (29%) and Optimism (23%). The total crypto market cap has increased by over $10 billion overnight to over $1.610 trillion on CMC.
BTC Sluggish at $43K
Bitcoin had a significant increase in December but has stalled in the past two days. After reaching a 19-month peak at $44,500 on Wednesday, it slipped to $43,000 yesterday. Its market cap remains below $850 billion.
BTC’s dominance over altcoins has decreased to 52.6% on CMC.
Hot Take: Altcoin Surge Overtakes Bitcoin’s Sluggishness
While bitcoin has been slow to show significant price movement recently, altcoins have taken advantage and experienced substantial gains. Ethereum’s surge to a new high in over a year and a half is evidence of this shift. Other altcoins like SOL and ADA have also seen impressive double-digit increases.
Bitcoin, on the other hand, has struggled to maintain its momentum and has slipped to $43,000. This recent surge in altcoins has resulted in a decrease in BTC’s dominance over the market. It remains to be seen how the market will continue to evolve as altcoins gain more traction.
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