Altcoins Soaring As Bitcoin Tumbles $1,000 In 24-Hours
Large-cap altcoins are marking notable increases today when trading against Bitcoin, as the world’s largest cryptocurrency went through a sharp decline. Bitcoin is currently trading at $10,500 while BTC dominance is also down almost 1.5%.
Altcoins Regaining Strength
The altcoin market is showing signs of recovery as the majority of the altcoins are trading in the positive against Bitcoin in the past 24 hours. In fact, all of the large-cap top 10 cryptocurrencies are marking notable increase with Bitcoin Cash (BCH) leading the way. The 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 serious gainer today is Bitcoin SV (BSV) which is up more than 10% against Bitcoin.
Things are not looking so great when trading against the USD, however, as almost all of the abovementioned cryptocurrencies are down with the exception 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 were bleeding heavily. What was even more alarming was the fact that altcoins couldn’t recover even as Bitcoin was falling in value.
Bitcoin Loses $1000, Dominance Down As Well
It appears that this time altcoins managed to capitalize on the falling Bitcoin which lost almost $1000 in the past 24 hours, representing almost 8% of its value.
At the time of this writing, Bitcoin is trading at around $10,500 but is also looking shaky.
On another note, the latest decrease also took a toll on Bitcoin’s dominance. The index which measures its relative share in the entire market is down 1.5% in the past 24 hours, which allowed altcoins to receive a bit of breathing room. Currently, BTC dominance stands at 67.5%.
It remains very interesting to see where the markets go from here. Will altcoins continue their upwards trajectory against BTC or will the world’s largest cryptocurrency rebound and stomp them once again? In any case, at times like these, it might appropriate to take a look at some of the fundamental trading tips and see how you can take full advantage of the tumultuous market.
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