Bitcoin tapped a new multi-month high yesterday but was stopped shortly after and dropped below $21,000.
Nevertheless, its market dominance continues to increase as most altcoins have retraced even harder.
The primary cryptocurrency has seen a strong start to the year, which was recognized by Bloomberg’s senior analyst. More precisely, the asset jumped from $16,500 to more than $21,500 in the span of a few weeks.
The latest price increase and local peak came yesterday at over $21,600. The last time BTC was this high was in September last year. However, the bears intercepted the move at this point and pushed it south.
As a result of the enhanced volatility, bitcoin slipped by more than $1,000 in hours and fell to a daily low of $20,400, even as the reserves on exchanges keep declining.
Nevertheless, BTC reacted somewhat positively to this drop and recovered a few hundred dollars. As such, it currently trades close to $21,000 once again, and its market capitalization has maintained above $400 billion.
Its dominance over the altcoins has taken another hike, though, and is up to 41.4%, which is a multi-month high.
Most altcoins mimicked BTC’s performance for the past few weeks but have retraced hard since yesterday.
Ethereum went close to $1,600 following a few consecutive days of gains. However, a 3% retraced daily has pushed it back down to just over $1,500.
Binance Coin has dropped by a similar percentage and is down to $290. Even more daily losses are evident from Cardano, Dogecoin, Polygon, Solana, OKB, and yesterday’s top performer – Shiba Inu.
With the rest of the larger-cap alts in red, Aptos is among the few that has actually charted daily increases. APT is up by 7% and has neared $8.
Overall, though, the cumulative market cap of all crypto assets has seen roughly $30 billion gone in a day and is down to $960 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post Bitcoin Drops $1K Daily, Outperforms Alts Amid Increased Volatility (Market Watch) appeared first on CryptoPotato.
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