Altcoins Soar as Bitcoin Tumbles $1,000 in 24 Hours
Large-cap altcoins are marking notable increases today in BTC terms, as the world’s largest cryptocurrency by market cap experienced a sharp decline. Bitcoin is currently trading at $10,500, while the BTC dominance rate is also down almost 1.5%.
Altcoins Regaining Strength
The altcoin market is showing signs of recovery, as the majority of altcoins are up against Bitcoin over the past 24 hours. In fact, all of the top 10 cryptocurrencies by market cap are marking notable increases, with Bitcoin Cash (BCH) leading the way. That altcoin is up 11.3% against BTC at the time of this writing.
Ethereum is up almost 6%, while Ripple (XRP) is up around 5.3%. Another major gainer today is Bitcoin SV (BSV) which is up more than 10% against Bitcoin.
Things are not looking so great when trading against the US dollar, however, as almost all of the mentioned cryptocurrencies are down with the exceptions of BCH, EOS, and BSV.
It’s probably safe to say that it was about time for altcoins to get some relief, as most of them had been bleeding in value. What was even more alarming was the fact that altcoins couldn’t recover even as Bitcoin fell in value.
Bitcoin Sheds $1,000, Dominance Down as Well
It appears that this time, altcoins have managed to capitalize on the falling Bitcoin, whose price fell by almost $1,000 in the past 24 hours, representing almost 8% of its value.
At the time of this writing, Bitcoin is trading at around $10,500 and is looking shaky.
The latest price decrease also took a toll on Bitcoin’s dominance index. The index, which measures its relative share of the entire market, is down 1.5% in the past 24 hours, allowing altcoins to gain a bit of breathing room. Currently, the BTC dominance rate stands at 67.5%.
It will be very interesting to see where the markets go from here. Will altcoins continue their upward trajectory against BTC, or will the world’s largest cryptocurrency by market cap rebound and stomp them once again? At times like these, it might be appropriate to take a look at some fundamental trading tips and learn how you can take full advantage of the tumultuous market.
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