Credit: Original article published by CryptoPotato.

After dipping below $57,000, bitcoin initiated another leg up but failed to challenge the coveted $60,000 price line. In contrast, most alternative coins have surged in value, including a new ATH for Binance Coin and a massive increase for XRP, which has further decreased BTC’s dominance over the market, which is currently at a one-year low.

Altcoins in Green; BNB Eyes $400

As reported yesterday, most larger-cap alternative coins were somewhat stagnant, except for XRP. Ripple’s native cryptocurrency had a substantial double-digit gain, and the asset has only doubled down on its increase in the past 24 hours.

Another impressive surge of 27% has taken XRP to a yearly high of over $0.90 reached minutes ago. It’s worth noting that this is XRP’s highest level since mid-2018.

Another notable gainer from the past 24 hours is Binance Coin. BNB has surged by 12% and marked a new all-time high well above $380. Ethereum (5%), Polkadot (5%), Cardano (3%), Uniswap (4%), Litecoin (10%), and Chainlink (6%) are also in the green.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Stacks (103%), Bitcoin Gold (35%), Fantom (25%), Neo (19%), Tezos (19%), Ontology (17%), Ethereum Classic (16%), Avalanche (15%), Qtum (12%), Huobi Token (12%), and more.

Ultimately, the cumulative market capitalization of all cryptocurrency assets also registered a new record yesterday by breaking above $2 trillion for the first time.

Bitcoin’s Dominance Keeps Suffering

The primary cryptocurrency is also ahead on a 24-hour scale price-wise. Bitcoin dropped to below $57,000 yesterday but has also initiated a notable leg up.

In the following hours, BTC added roughly $3,000 of value. This resulted in reaching an intraday high of approximately $59,500 (on Bitstamp).

However, the asset couldn’t proceed any higher. The bears took control and pushed it down by several hundred dollars, and BTC currently stands around $59,000.

Bitcoin’s inability to break above $60,000 and head into uncharted waters continues to cost it some of its market dominance. The metric comparing BTC’s market capitalization with all other cryptocurrencies has dropped below 55%, according to CoinMarketCap. Just a few weeks ago, bitcoin’s dominance was above 62%.

BTCUSD. Source: TradingView

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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