BTC Rebounds Above $34K
After slipping below the $34,000 level, Bitcoin experienced a rebound as the bulls intercepted the downward move. As of now, the largest cryptocurrency is trading just above $34,000. This week has been particularly favorable for Bitcoin, starting with its decisive reclaiming of the $30,000 level on Monday. On Tuesday morning, BTC saw a massive price surge that propelled it to its highest price in over a year and a half at $35,200.
The price surge was accompanied by speculations about BlackRock’s spot Bitcoin ETF application and a ticker mystery, which drove the Fear and Greed index into ‘greed’ territory.
Although BTC retraced slightly from its peak, it made another attempt at $35,000 on Thursday. However, it failed to conquer that level and experienced a rejection that pushed it below $33,500 yesterday. Nevertheless, Bitcoin quickly bounced back and is currently trading above $34,000. Its market capitalization has slipped to $665 billion, with a dominance over altcoins at 52.9%.
ALTs Outperforming
While Bitcoin has been recovering, several altcoins have outperformed it in terms of gains. Toncoin and Dogecoin have seen declines of 2-3% on a daily timeframe. TON is close to breaking below $2, while DOGE is just under $0.07.
On the other hand, Ethereum (ETH), Binance Coin (BNB), TRON (TRX), Polygon (MATIC), Polkadot (DOT), and Litecoin (LTC) have seen minor gains. Cardano (ADA) has jumped by 3.6% and is close to $0.3, while Chainlink (LINK) has soared by over 5% and is trading above $11.
Other altcoins such as Aptos (APT), NEAR (NEAR), Internet Computer (ICP), and VeChain (VET) have also experienced notable gains.
Despite the performance of individual altcoins, the total market capitalization has remained relatively stable at around $1.25 trillion.
Hot Take: Bitcoin Rebounds Amid Altcoin Gains
Bitcoin has shown resilience as it rebounded above the $34,000 level after a brief slip. The cryptocurrency had a favorable trading week, reclaiming the $30,000 level and surging to its highest price in over a year and a half. While Bitcoin’s dominance over altcoins has slightly decreased, several altcoins such as Chainlink, Aptos, and Cardano have outperformed it in terms of gains. Despite some declines in larger-cap altcoins like Toncoin and Dogecoin, the overall market capitalization has remained stable. It will be interesting to see how Bitcoin and altcoins continue to perform in the coming days.
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