Altcoins Time? ETH Soars 15% As Bitcoin Dominance Drops Below 70% (Market Watch)

After another highly volatile weekend trading day consisting of a new all-time high above $28,000 and a massive rejection, including a drop below $26K, BTC has calmed and as of now trading safely around $27,000.

Most altcoins have finally joined the party with some impressive double-digit gains, including Ethereum breaking north of $700, recording a current daily high at nearly $740, which is the highest of 2020.

Bitcoin’s New ATH And Subsequent Rejection

The primary cryptocurrency continued with its remarkable performance during this year’s Holiday season yesterday. After charting consecutive all-time highs above $26,000 and $27,000 on the days before, bitcoin headed towards another major milestone – $28,000.

It didn’t take long for the cryptocurrency to break above it. The run saw BTC painting the latest ATH at nearly $28,400 (on Bitstamp). Quite impressive considering the fact that BTC was trading around $10K during October.

However, as the community started speculating on the next major obstacle at $30,000, the bulls took charge. In the following hours, BTC dumped by more than $2,000 to a daily low beneath $26,000. Nevertheless, the asset has recovered some losses and currently hovers around $27,000.

From a technical perspective, the first support levels situated at $26,850, $26,500, and $25,700 (yesterday’s low) could assist in case of another price breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Rise: Ethereum Breaks Above $700

The altcoin market trailed behind BTC during the latest run. Consequently, bitcoin’s dominance surged to a yearly high of nearly 72%. However, most altcoins have awakened in the past 24 hours with serious gains, thus reducing BTC’s dominance beneath 70%.

Ethereum is among the most impressive performers with a 15% surge on a 24-hour scale, as recorded earlier today. As such, the second-largest cryptocurrency by market cap has overcome the $700 price tag and reached its highest level since early 2018 – $738 (Binance).

Chainlink has added a similar percentage to its price and trades above $12.5. Bitcoin Cash (4%), Binance Coin (3.5%), Polkadot (4.5%), Cardano (2.25%) are also in the green.

Litecoin and Ripple are the two coins from the top ten that have lost value. LTC (-3%) struggles with $130, while XRP (-5%) is down to $0.28.

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

Further gains are evident from Ocean Protocol (13%), THORChain (10%), Decred (10%), Aave (10%), Uniswap (9.5%), and Kusama (9%).


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Cryptocurrency charts by TradingView.


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Bitcoin (BTC) $ 27,725.43 1.33%
Ethereum (ETH) $ 1,644.74 0.48%
Litecoin (LTC) $ 64.26 1.87%
Bitcoin Cash (BCH) $ 232.07 0.24%