Bitcoin’s Price Movement
The price of Bitcoin has experienced some volatility in the past few hours. After surpassing $44,000, the bears pushed the price down again. Despite this, altcoins are currently performing well and reducing Bitcoin’s dominance in the market.
BTC Stopped Above $44K
At the start of the business week, Bitcoin dropped to $40,500. However, it quickly recovered and surged to $44,000. The bears then pushed the price down again, but it recently reached a multi-week high of $44,400 before facing another rejection. Currently, Bitcoin is trading below its intra-day high with a market capitalization of $850 billion. Its dominance over altcoins has also decreased by almost 1% in recent days.
Alts Outperform
Due to the declining dominance of Bitcoin, altcoins have been performing well. Solana (SOL) briefly reached $100 and became the fourth-largest cryptocurrency. While it retraced from its peak, SOL is still up 6% for the day and trading above $90. Other notable gainers include Polkadot (6%), Polygon (8%), and Ethereum (5%). Ripple, Cardano, Dogecoin, Binance Coin, Tron, Toncoin, and Chainlink are also experiencing positive growth. Avalanche has declined by nearly 4%. Optimism has seen a significant increase of over 30% and is close to reaching $3.
Hot Take: Altcoins Gain Momentum as Bitcoin Consolidates
The recent price movements have shown that altcoins are gaining momentum while Bitcoin consolidates. Despite Bitcoin’s volatility and decreasing dominance in the market, altcoins like Solana have experienced significant growth. This trend indicates that investors are diversifying their portfolios and exploring other cryptocurrencies. As the altcoin market continues to thrive, it will be interesting to see how Bitcoin’s dominance evolves and whether altcoins can sustain their upward trajectory.
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