Altcoins Price Analysis: Bitcoin’s Dominance Reduces as Altcoins Rise High
As Bitcoin slips below $47,000, altcoins begin gaining value in the last few days. Ethereum, the largest altcoin, touched a new all-time high of $1,871.
Majority of the altcoins are increasing in price values as investors consider valuable investments in cryptocurrencies other than Bitcoin. As a result of Altcoins’s surge, Bitcoin’s dominance drops to 60.4%.
Bitcoin tried its best to climb $50,000 yesterday but did not become successful. However, the top digital asset succeeded in claiming $49,000 and then retreated also. Currently, the world’s leading digital coin is exchanging hands at $46,783 after decreasing by 1.37% in the last 24-hours. However, Bitcoin is up 17.19% on the weekly timeframe.
As per the market indicators, the level of $50k is the major resistance level. Bitcoin needs a major push from whales to break above $50k, the next major psychological level. If correction happens, the major support position lies at $45k.
Ethereum
Altcoins, on the other hand, are also making new records. In today’s trading session, the second-biggest cryptocurrency, Ethereum, witnessed new all-time high. The investment in the ETH coin has jumped to new high levels as Grayscale’s funds in Ethereum increased from $5,524.5 to $5,623.5 million. On February 7, the Chicago Mercantile Exchange (CME) launched ETH-powered futures for institutional players.
Cardano
Cardano, the fourth largest coin by market volume, loses some value in the previous 24-hours but it has surged by almost 60% in the past seven days. It is also one of the week’s best-performing assets as it recently replaced XRP from the fourth spot.
XRP
XRP, which the Securities and Exchange Commission hit, has recovered to a great extent. Investors have pumped XRP by 30.83% over the week. Currently, it is exchanging hands at $0.58 after an increase of 0.65% over the day. According to some unofficial notes, the conflict between Ripple and SEC will be solved via mediation by the end of Q2 2021.
Polkadot
Polkadot (DOT), the Ethereum’s rival, is trading at $28.23 after rising by 7.67% in the last 24-hours. The weekly performance is also outstanding as it surged by more than 37%.
Dogecoin
Dogecoin, Elon Musk-endorsed cryptocurrency, has also performed well over the week. The market cap of Dogecoin is close to touching $9 billion.
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