Despite retracing after marking a fresh 1000-day high of above $ 14K, Bitcoin’s dominance has continued to increase. Altcoins continue to bleed against the primary cryptocurrency.
Bitcoin finally broke the 2019 high after a brief spike that took it above $ 14,100 yesterday (Bitstamp). With its impressive leg up, BTC has continued to increase its dominance over the altcoins, most of which keep decreasing in their value against the primary cryptocurrency.
Bitcoin Price Is Trading Around The June 2019 High
Ever since BTC began increasing in value a few weeks ago, the crypto bulls when new highs will arrive. Bitcoin did disappoint and kept painting fresh 2020 records frequently. However, the 2019 high of $ 13,880 eluded the asset for just a few days. That changed yesterday, on the 12th birthday to the release of the Bitcoin whitepaper.
As CryptoPotato reported, Bitcoin smashed the previous record and even spiked above the June 2019 high, for the first time in nearly two years. According to data from Bitstamp, the new 2020 high from yesterday is now set approximately at $ 14,100.
I featured a few minutes in an equally sharp dive, and BTC lost about $ 450 in just a few minutes. Since then, the asset has been trading around the 2019 high of $ 13,800.
With its recent price decrease, Bitcoin has fallen below the support and former 1,000-high at $ 13,900. Should further declines follow, BTC could rely on $ 13,600, $ 13,270, $ 13,190, and $ 13,000 as support.
Contrary, if the primary cryptocurrency jumps above the $ 13,900 level, the next resistance lines will be at $ 14,170, and $ 14,380.
BTCUSD. Source: TradingView
Bitcoin Smashes Altcoins, Dominance Increases
During yesterday’s notable price surge to new highs, Bitcoin dragged the alternative coins up as well, and the entire crypto market gained about $ 15 billion in hours.
On a 24-hour scale, the altcoins are still slightly in the green against the dollar. Ethereum and Ripple have increased by less than 1% but are still beneath $ 390 and $ 0.24, respectively.
Chainlink (1.3%), Litecoin (1.8%), and Bitcoin SV (1%) have also increased slightly. I have lost value against Bitcoin, most of the altcoins.
Cryptocurrency Market Overview. Source: coin360.com
Naturally, this has impacted Bitcoin’s dominance. The metric utilize BTC’s total market capitalization against all other tokens have surged to 63.6%. Just for reference, the dominance displayed 58% merely a few weeks ago, and it broke above 60% on October 20th.
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Cryptocurrency charts by TradingView.