Large Caps Explode: BNB Breaks ATH Above $50, ETH Reclaims $1400 (Market Watch)
Despite another attempt to overcome $35,000, bitcoin has continued to trade inside the tight range of $33K to $35K.
In contrast, large-cap altcoins, along with some DeFi ‘stars’ had performed a lot better. This includes a new ATH for Binance Coin, Ethereum rising above $1400, getting near the previous January 2018 ATH range. On the other side, XRP has plummeted following the recent gains.
Binance Coin Surpassing $50 To New ATH
Most of the large-cap altcoin market is well in the green against the dollar over the past 24 hours. This comes following a ‘dry’ weekend with minor price moves.
Ethereum has added 8% to its value and has risen to about $1,400. Thus, the second-largest crypto has come just inches away from its previous all-time high region – $1440 – set on January 2018. Despite a spike towards $1480 last January, ETH is still struggling to break its previous ATH.
Chainlink (5%), Bitcoin Cash (3%), Polkadot (2%), and Litecoin (5%) are also in the green from the top ten.
Binance Coin has made a triumphant return among the top ten coins, after a daily increase of 10%. Earlier, BNB even painted a new all-time high at over $52 (according to Binance).
However, Cardano’s performance has trumped all other large-cap altcoins with a 23% surge. Consequently, ADA’s price has increased to $0.42.
From the bearish side, Ripple is the most significant loser. After a few days of rising following the company’s response to the SEC charges, or a coordinated pump, XRP has nosedived by 40% to $0.35.
More gains are evident from lower- and mid-cap altcoins, especially among the DeFi’s. FunFair leads with a 50% increase, followed by Band Protocol (34%), Terra (30%), and SushiSwap (30%). Moreover, Sushi is up by 70% on a weekly scale and trades at $13.
These gains have helped the total market cap to maintain its value above the coveted $1 trillion mark.
Bitcoin Stalls Around $34K Again
While the altcoins have shown impressive fluctuations, their leader seems stuck in a range between $33K and $35K. After the highly-volatile end of last week when BTC displayed $6,000 moves in both directions, the asset calmed over the weekend.
In the past 24 hours, bitcoin attempted to overcome $35,000 once again but to no avail. Just the opposite, the rejection drove the asset to an intraday low of about $33,000.
Nevertheless, the cryptocurrency reclaimed $34,000 in the following hours and currently trades above it.
As expected, the outperforming altcoins continue to damage bitcoin’s dominance over the market, and the metric has fallen to 62%. For comparison, it had increased to over 65% on Friday.
