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October 3, 2022
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Guide & Analysis

Altcoin time? ETH rises 15% and Bitcoin dominance falls below 70%

Altcoins appreciate as the Bitcoin (BTC) domain drops to less than 70%.

After another highly volatile weekend trading day, consisting of a new ATH above $ 28,000 and a subsequent rejection, including a drop below $ 26,000, Bitcoin has calmed down and is now trading safely around the US $ 27,000.

Most altcoins have finally joined the party with some impressive double-digit gains, including Ethereum breaking above $ 700, registering a current daily high of nearly $ 740, which is the biggest of 2020.

Bitcoin’s new ATH and subsequent rejection

BTC continued its remarkable performance during this year’s holiday season. After reaching consecutive records above $ 26,000 and $ 27,000 in previous days, bitcoin has moved on to another major milestone – $ 28,000.

It didn’t take long for the cryptocurrency to surpass that mark. The new high hit the mark of almost $ 28,400 (on Bitstamp). Impressive, considering the fact that BTC was trading around $ 10,000 in October.

However, when the community began to speculate about the next big $ 30,000 hurdle, the bulls took over. In the next few hours, BTC dropped more than $ 2,000 to a daily low below $ 26,000. However, the asset has recovered some losses and is currently around $ 27,000.

From a technical perspective, the first levels of support at $ 26,850, $ 26,500 and $ 25,700 (yesterday’s low) could help in the event of another price drop.

Altcoin time: Ethereum exceeds $ 700

The altcoin market fell behind BTC during the last race. Consequently, bitcoin’s dominance has reached an annual high of almost 72%. However, most altcoins woke up in the last 24 hours with significant gains, thus reducing the dominance of BTC below 70%.

Ethereum is among the most impressive performances with a 15% increase on a 24-hour scale, as recorded earlier today. As such, the second largest cryptocurrency in market capitalization surpassed the $ 700 mark and reached its highest level since the beginning of 2018 – $ 738 (Binance).

Chainlink has added a similar percentage to its price and trades are over $ 12.5. Bitcoin Cash (4%), Binance Coin (3.5%), Polkadot (4.5%), Cardano (2.25%) are also in the green.

Litecoin and Ripple are the two coins in the top ten that have lost value. LTC (-3%) struggles with $ 130, while XRP (-5%) fell to $ 0.28.

Altcoin time? ETH rises 15% and Bitcoin dominance falls below 70% 22

Source: cryptopotato

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