After losing a substantial share of its market dominance lately, bitcoin has recovered some of the losses by nearing $40,000. This comes even after some altcoins have gained value, including yet another record for Binance Coin above $70.
BTC Eyes $40K, Recovers Some Lost Dominance
Despite gaining a few thousand dollars since Monday’s dip to $32,000 to about $37,000, bitcoin remained in the shadows while some alternative coins took the main stage. Consequently, they reduced BTC’s dominance over the market to just above 60%.
However, the primary cryptocurrency has reacted in the past 24 hours and jumped to an intraday high of $39,700. The asset retraced slightly after coming inches away from the $40,000 price tag, but it still hovers north of $39,000.
As such, bitcoin has reclaimed some lost ground in terms of market dominance. The metric comparing BTC market capitalization with the rest of the altcoins has jumped to 61.6% – over 1% increase in the past 24 hours alone.
From a technical perspective, bitcoin would have to overcome the resistance lines at $40,000, $40,735, and the ATH at $42,000 before potentially heading into uncharted territory.
Alternatively, the support lines at $36,000, $35,140, and $34,000 could assist if the trend reverses and BTC heads south again.
Total Market Cap Nears $1.2T As BNB Conquers $70
Most alternative coins have calmed slightly in the past 24 hours after substantial gains during the weekdays. Ethereum has stalled beneath $1,700 after yesterday’s all-time high at over $1,740.
XRP, Chainlink, and Polkadot have charted minor losses, while Cardano and Litecoin have each jumped by about 6% to $0.54 and $160.
However, Binance Coin has stolen the show once more with another impressive push. This time, Binance’s native token has surpassed the milestone at $70, becoming the latest ATH. Moreover, BNB has jumped to the 7th spot by market capitalization, overtaking LTC and LINK.
IOTA is the most impressive gainer from the top 100 with a 34% surge, followed by Cosmos (29%). Some DeFi tokens have doubled-down on their recent explosion. PancakeSwap has added 22% to $3.15, Loopring (15%) to $0.7, Decentraland (15%) to $0.2, IOST (14%), Maker (15%), and Elrond (13%).
Ultimately, the crypto market cap reached another ATH at $1.193 trillion and came just a few billions away from topping $1.2 trillion.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.