Bitcoin Sets New ATH Above $51K as Altcoins Bleed Against BTC (Market Watch)
Bitcoin has done it again and painted yet another all-time high, this time above the $51,000 price tag. Most altcoins have fallen against their leader, and BTC has managed to increase its market dominance to above 62%.
Bitcoin’s Latest ATH At Above $51K
The past several days have been quite turbulent for the primary cryptocurrency but ultimately positive. Just on Monday, bitcoin was nearing the coveted $50,000, but a sharp retracement drove it down to a low of $46,000.
However, the bulls took charge since then and pushed the asset towards new highs. As reported yesterday, bitcoin broke above $50,000 for the first time ever. This meant a new all-time high for the cryptocurrency.
Nevertheless, BTC wasn’t done with setting records yet. In the past 24 hours, the asset initiated another leg up, and it resulted in reaching $51,300 (on Bitstamp) for yet another ATH.
With this increase, bitcoin’s total market capitalization exceeded $950 billion, thus coming just inches away from topping $1 trillion for the first time. Additionally, BTC reclaimed some of its recently lost market dominance. The metric had dipped below 61% a few days back but has increased to 62.2% as of writing these lines.
Alts Fall Behind BTC
While most alternative coins were registering gains lately, they have stalled against BTC during the latter’s impressive rally in the past 24 hours.
As mentioned above, BTC has increased its dominance, which is a direct result of bleeding altcoins compared to the primary crypto. Ethereum, Cardano, Binance Coin, and Bitcoin Cash are about 5% down against BTC, while Chainlink and XRP have lost more than 8%.
The situation among most lower and mid-cap altcoins is rather similar. Compound (-14%), Elrond (-13%), Fantom (-13%), Reserve Rights (-13%), SushiSwap (-13%), Algorand (-12.5%), THORChain (-12%), and Siacoin (-12%) have all lost double-digit percentages against bitcoin.
BTC’s gains have helped the market cap stay above the coveted $1.5 trillion, despite the price drops among most altcoins.
