Bitcoin (BTC) Hits $51k as Altcoins Turn Red

0
135
Bitcoin (BTC) Hits $51k as Altcoins Turn Red

Bitcoin hit a new all-time high, this time the price was over $51,000. Most of the altcoins have become bearish against the BTC and it has managed to increase its dominance to over 62%.

Bitcoin surge above $51,000

In the past few days, the major cryptocurrencies have been very stormy, but ultimately positive. On Monday, Bitcoin was close to the highly demanded $50,000, but the sharp retracement brought Bitcoin to a low of $46,000.

However, since then the buyers have controlled the asset and made new highs. As reported yesterday, Bitcoin exceeded  $50,000 for the first time in its history. This means a record high for cryptocurrencies.

However, BTC has not yet completed the setup record. Over the past 24 hours, the asset triggered another spike, eventually bringing ATH to $51,300 (on Bitstamp).

With this spike, the total market value of Bitcoin surpasses $950 billion, which is just inches away from its initial breakthrough of $1 trillion. In addition, BTC has regained its recently lost dominance in the market. A few days ago this indicator had fallen below 61%, but at the time of this writing, it had risen to 62.2%.

esRdWdLPkxSz02O nB3RcFwuMLdCtzkiR3hlatG9y uDJ 7U3G2gGHkoG FmE727VAIFw6Qv aub6YL25zUCb0bU gamqRmdRCFesu7f7sUI TnkAKK4nD g84LONBUFteHp9RWL

BTCUSD. Source: TradingView

Most Altcoins turns bearish as BTC dominate

Although most alternative coins have risen lately, with BTC they have stagnated in BTC’s impressive rebound in the past 24 hours.

As mentioned above, BTC has strengthened its dominance, which is a direct result of the bloodshed of altcoins compared to major cryptocurrencies. Ethereum, Cardano, Binance Coin, and Bitcoin Cash fell about 5% compared to BTC, while Chainlink and XRP fell more than 8%.

GBbk7Nibag4IlbZMgcd Ne3jKlRdxyb8 RrWjKNgU0PoP Fbfiq8p8WkpCYULzMLOQgyhl9tyZKAEBvJvhXazSKeYN XEQ 7PP02uO

Cryptocurrency Market Overview. Source: coin360.com

The situation for most low-end and mid-end altcoins is pretty similar. Connection (-14%), Elon (-13%), Van Thom (-13%), Retention (-13%), SushiSwap (-13%), Algorand (-12.5%), THORChain (-12% ), and Siacoin (-12%) lost double-digit percentages against Bitcoin.

Despite the drop in the price of most altcoins, the surge in BTC has helped keep market capitalization above the highly desired $1.5 trillion.

Checkout similar guides on cryptocurrency

A Brief Guide to Ethereum Classic (ETC): The Ethereum Fork

A Beginners Guide to Dogecoin: The Meme Token

Top 10 Cryptocurrency Exchanges in 2021

You can also follow us on our Telegram and Twitter channels