Sunday’s Digest: Bitcoin Struggling At June 2019 Highs, Altcoins Continue To Bleed Against BTC
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 anticipated when new highs will arrive. Bitcoin didn’t 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.
Nevertheless, an equally sharp dive followed the rapid increase, 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.
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. Nevertheless, most of the altcoins have lost value against Bitcoin.
Naturally, this has impacted Bitcoin’s dominance. The metric comparing 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.
