After attaining a 4-day high of about $36,000, bitcoin couldn’t rise further. But its market dominance got extended. Its market dominance extension was because all altcoins, except Dogecoin, have stalled. Dogecoin has risen by double figures.
Bitcoin Keeps Dominating the Market
Bitcoin performance has been composed after experiencing a 6-month low when it crashed mid-week and its price sunk below $31,000 – the first time such has happened this year. While it is yet to recover all the losses, it closed at a little above $35K yesterday but couldn’t continue further.
It was bearish till about the $33,000, but a few hours later, bitcoin’s path reversed. It started rising and increased by over $3,000 in price. Hence, achieving a 4-day high of about $36,000. Even though it has lost over $1,000 since that time, its market dominance hasn’t taken a hit; it even increased. The metric that compares bitcoin’s market cap to that of the altcoins shows that bitcoin’s dominance is about 48%.
BTC/USD chart. Source: TradingView
All Altcoins, Except Dogecoin, Remains Stagnant
Most of the altcoins have remained stagnant in the last 24 hours. While Ethereum is calm after the violent crash, it is yet to remain stable above the $2,000 price. Hence, Ethereum continues to trade around the $1950 mark for two days consecutively.
Binance coin rose over the last 24 hours to above $300 but has back and now trade at around $295. Chainlink, Bitcoin Cash, Polkadot, and Cardano remain in the red within that same period. Conversely, Solana, Litecoin, Uniswap, and Ripple experienced minor gains, with Dogecoin impressing the most among the large-cap alts. The meme-inspired coin rose by 10% to now trade at $0.27.
Crypto market summary. Source: Quantify Crypto
Lower and mid-cap alts had more fluctuations. Celo rose the highest at 21%. The ascending order of their rising is Waves (11%), Curve DAO Token (12%), THORchain (13%), Siacoin (13%), and Nano (17%). Klatyn experienced a 15% drop yesterday, the highest among its peers. However, the total market cap for all virtual assets remained at about $1.39 trillion.
JPMorgan Does Not Expect a Bitcoin Bull Run In The Medium-Term
After bitcoin failed to remain at over $35,500 yesterday, JPMorgan has stated the bearish trend might continue based on the leading cryptocurrency’s volatility ratio with gold. JPMorgan’s assessment was included in the note it sent to its investors recently.
The bank expects bitcoin to trade around the $150,000 region provided it can match gold’s volatility profile and allocation. But the banking colossus remarked that this wouldn’t happen in the nearest future. However, JPMorgan noted that China’s ongoing clampdown on bitcoin miners would positively affect bitcoin because it would spread bitcoin’s hash rate across several regions instead of being concentrated mainly in China.
The bank also stated that the Grayscale Bitcoin Trust fund (GBTC) unlocking scheduled for next month is another reason for a bearish bitcoin run over the medium term. The GBTC trust fund is expected to unlock about $628 million worth of BTC in one day.
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