Tag: Bitcoin Dominance

Altcoins Are Encroaching On Bitcoin’s Dominance On Digital Payments

by NEWSBTC

Bitcoin has dominated the digital payments space for the longest time and continues to do so. However, this dominance is on the decline as more altcoins are being chosen as the preferred digital currencies for payments. This has mainly been due to cheaper fees resulting from network congestion when the price gets too high. Instead, cryptocurrencies whose fees can range from a few cents to fractions of a cent are now favored by merchants.

Altcoins Are Taking Market Share From Bitcoin

Crypto payments processor BitPay recently released a report outlining the percentages each crypto commanded in the crypto payments space. As expected, Bitcoin dominated the list but what was important to note from the report was how much the pioneer cryptocurrency’s dominance over this space dropped in the space of a year. Between 2020 and 2021, bitcoin lost about 27% dominance.

Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022

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Back in 2020, the company had reported that bitcoin made up for 92% of all digital payments being carried out on the platform. In 2021, this number was at 65% and is expected to continue to drop as merchants move to altcoins for payments.

Bitcoin market dominance compared to altcoins chart from TradingView.com

Bitcoin market dominance down below 40% | Source: Market Cap BTC Dominance on TradingView.com
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The use of Ethereum as a payment method was up, accounting for 15% of the total transactions carried out on the platform. Stablecoins made a big splash with 13% of all transactions.

Meme coins, which grew to popularity within this time and were added by the payments processor amid rising demand, made up a small but impressive percentage of all transactions. Dogecoin and rival Shiba Inu, alongside Litecoin, accounted for 3% of digital payments processed by BitPay for the year.

Stablecoins On The Rise

One of the factors that affect how much users are paying with cryptocurrencies has been the fluctuations in price. For Cryptocurrencies like bitcoin, when the price of the digital asset moves up, the frequency in which it is being used as a method of payment increases drastically. And vice versa during the bear markets.

But with stablecoins, whose values more or less remain the same through bull and bear markets, merchants are able to eliminate this problem. BitPay noted that the use of stablecoins as a method of payment when using digital currencies has gone up tremendously.

Related Reading | What’s In Store For MicroStrategy Going Forward? CEO Michael Saylor Reveals

However, the tide seems to be changing when it comes to the correlation between bull/bear markets and how much users are spending their cryptocurrencies. CEO and founder of BitPay, Stephen Pair, stated that the recent pullback in crypto prices has not affected payments as much as it did in previous markets.

“We have not experienced as much of a decline in volume with this recent pullback,” Paid said. “It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments”

The company which processes around 66,000 transactions a month is one of the largest crypto payments processors on the globe. It processes crypto transactions for prominent companies such as AMC Theaters and the Dallas Mavericks.

Featured image from Ethereum World News, chart from TradingView.com

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Bitcoin Dominance Aims At Historic Lows, Unprecedented Altcoin Season Potentially Ahead

by NEWSBTC

While Bitcoin continues to take a beating in terms of dollars, the top cryptocurrency also continues to lose its share over the market cap. In fact, with the most recent support level breached, BTC dominance could be targeting historic lows.

Historic lows in BTC dominance could mean that an altcoin season unlike ever before is potentially ahead. Here’s a closer look at the metric that weighs Bitcoin against the rest of the crypto space and how it could impact altcoin performance.

Bitcoin Continues To Lose Cryptocurrency Market Dominance

At one point, there was only Bitcoin. As the industry grew, a metric was born called BTC dominance that made it more clear how much weight the top coin had compared to the rest of the market.

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Prior to 2017, Bitcoin accounted for as much as 95% of the entire cryptocurrency market, but fell to a low of 35% less than a year later during what is considered to be the greatest altcoin season on record.

Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End

After reaching such extremes in 2018, by 2020, Bitcoin had recovered more than two-thirds of the market cap. Dominance topped out near 70% where it sharply reversed all throughout 2021.

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At the close of the 2021 yearly candle, a several year trading range was officially breached. The well defined range is even more visible in the six-month BTC.D chart. And it could create the conditions necessary for an unprecedented altcoin season.

BTC.D_2022-01-04_12-56-23

The yearly (left) and six-month (right) BTC.D chart | Source: CRYPTOCAP-BTC.D on TradingView.com

Unprecedented Altcoin Season Could End At 32% Dominance

With a decisive close on high timeframes, lower timeframe patterns could provide clues as to where dominance might bottom out once again.

Related Reading | Bitcoin Falls Flat: Examining A Rare Bull Market Corrective Pattern

The target of a head and shoulders top sent BTC.D to the dashed line, reinvigorating altcoins but still falling short of the mania seen during the 2017/2018 peak.

BTC.D_2022-01-04_13-03-42

A descending triangle could target 32% dominance | Source: CRYPTOCAP-BTC.D on TradingView.com

With a potential descending triangle breaking down, the measure rule would make the target of the structure around 32% dominance. The target would suggest a move beyond the former historic low set years ago – and create the atmosphere needed for the aforementioned altcoin season mania.

But it all could come at the expense of Bitcoin and its undisputed reign as the number one cryptocurrency by market cap.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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Bullish Signal? Ethereum Market Dominance Sitting Above 20%

by NEWSBTC

In the last five years, Ethereum has not only taken a significant market share from bitcoin, but it has consistently grown in the same time period. While bitcoin had maintained the majority of the market dominance for the longest time, it has not taken altcoins a long time to come for the majority share. In fact, this year, the market dominance of bitcoin feller 50%.

As ethereum’s market dominance has grown, it is important to look at what this might mean for the digital asset and how it may play out in the future. Ethereum has no doubt had an incredible run this year but does growing market dominance indicate a continuous rally?

Related Reading | Only In Crypto: A Croissant Explains Web3 And NFTs To Elon Musk

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Ethereum Dominance On The Rise

Ethereum’s market cap had grown as a result of the price surge that the digital asset recorded this year. At almost $500 billion, it remains at only about half of bitcoin’s market cap but has grown to become one of the most valuable assets in the world. Following this, the market dominance of the altcoin has also risen as adoption of the asset had grown rapidly.

In the space of a year, the market dominance of the asset has grown 10%, taking most of the share from bitcoin. This has been an indicator of how much the cryptocurrency had grown, as well as some long-term implications.

Ethereum price chart from TradingView.com

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ETH trading at $3,918 | Source: ETHUSD on TradingView.com

As ethereum continues to maintain such a large dominance of the market, it solidifies its place as one of the most valuable cryptocurrencies in the space. With its numerous use cases such as DeFi and NFTs, in addition to its real-world applications, it is expected that ethereum will continue to see a larger share of the market dominance.

What this will mean for the altcoin is pretty simple. With this kind of rapid adoption will come more demand and as the ETH burn continues to reduce the supply of coins in the market, the value of the digital asset could be hitting new highs in the coming months.

Altcoins Taking Control Of The Market

In a recent report from TradingPlatforms, it is outlined that altcoins have tripled their market dominance in the last seven years. At one point, bitcoin maintained over 90% of the market dominance. However, as more altcoins like ethereum have grown into prominence and seen rising adoption, this number has dropped significantly.

The report states that the rise in altcoin dominance has been a result of a mindset shift when it comes to cryptocurrencies. Many investors believe that bitcoin has already grown too much and is too expensive and as such, are looking at what they believe to be ‘the next bitcoin.’ This has led to the adoption of altcoins as an alternative to bitcoin.

Related Reading | Crypto Research Analyst Puts Ethereum At $9,000 In Six Months

The author also notes that higher market dominance translates to higher market caps, which in turn plays a major role when it comes to how a cryptocurrency is ranked. Investors will usually look at market caps to determine if a cryptocurrency is ‘safe’ to invest in and “in essence, it’s a pointer to how stable the asset is,” the report reads.

Going by this, ethereum may be headed for higher adoption as more investors look towards its market dominance as an indicator of its stability. This points to bullish tendencies as the new year rolls around.

Featured image from ElevenNews, chart from TradingView.com

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Crypto Market Bloodbath Creates Largest Stretch Of Fear Since April Peak

by NEWSBTC

As the downtrend in the crypto market continues, so does extreme fear. What’s inspiring the sell-off? Is it Omicron? Or is it Evergrande? Is it a conspiracy? Or is it the holidays? All those questions and more have had the Fear and Greed Index pointing left for a month straight. What does this mean? Where do we go from here? That’s what we’re here to explore. 

Related Reading | Blood In The Streets: Crypto Market Becomes Fearful As Bitcoin Dives

But first, let’s talk about the Fear and Greed Index. One of the many Bitcoin indicators, it measures the market’s general sentiment at the moment. Zero is extreme Fear. A hundred is extreme Greed. And the indicator oscillates between those two at any given time. It’s been said that the crypto market is very emotional. The Fear and Greed Index is there to keep investors from making irrational decisions based on sentiment alone. 

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Fear And Greed Index, Extreme Fear

Fear And Greed Index shows Extreme Fear | Source: Arcane Research’s The Weekly Update

What’s The Fear And Greed Index Saying Now?

According to Arcane Research’s The Weekly Update, fear has settled in:

“The Fear and Greed Index has now signaled “Fear” or “Extreme Fear” for almost one month straight. The last time we saw such a prolonged fearful market sentiment was at the beginning of the summer when the market sentiment was fearful for more than two months straight. With the sustained consolidation of bitcoin, the late autumn euphoria has dampened, and the overall sentiment seems very negative at the moment.”

The report also says that, “during steady sell-offs, bitcoin tends to outperform the overall crypto market.” And this time was no exception, BTC “outperformed all indexes so far in December, seeing a negative return of -18% after a relatively flat second week of trading this month.” On the other hand, “the Small Cap index has seen a loss of nearly a third of its value in December.“ What does this mean in general?

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“The bitcoin dominance has risen by 1.13% in the last week. This is the third time we’re seeing bitcoin dominance bottom at 40% in 2021. The last two times were May 19th and Sep 13th. It seems that the 40% threshold is a difficult area for alts to sustain”

BTCUSD price chart for 12/15/2021 - TradingView

BTC price chart for 12/15/2021 on Eightcap | Source: BTC/USD on TradingView.com

What Can We Expect In The Future?

To get our dose of technical and on-chain analysis, let’s give the mic to this month’s Fear & Greed Index Newsletter:

“A major factor here is the cycle support band. We cannot ignore the fact that Bitcoin had just closed 2 consecutive weeks below the market support band. Historically, this meant that we’d see a longer consolidation phase before we could have a true reversal in the trend. The takeaway here is this, as long as Bitcoin closes the week below the cycle support band, we shouldn’t expect any major breakout in price to take place.”

Every dog has its day, though. A week ago, analyzing a very similar market sentiment, NewsBTC informed you:

“A “Fear and Greed” Index on Extreme Fear levels, according to certain analysts, has historically preceded crypto market local bottoms. However, a run into new highs could see an obstacle as the macro-economic outlook turn complex.”

Related Reading | Bitcoin Price Bloodbath: Is El Salvador A “Sell The News” Event?

It’s also important to remember that only two months ago, we were in a similar situation and the sentiment did a complete 180 in a matter of weeks. 

“The indicator dipped all the way down to extreme fear on 30th September, but in under two weeks the sentiment has already rebounded back to extreme greed. The report notes that this shows how fast the sentiment can change among the crypto market.”

With that being said, and a disclaimer that this isn’t financial advice, in a situation like this there’s only one thing we could say… hodl the line! 

Featured Image: PublicDomainPictures on Pixabay| Charts by TradingView

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Bitcoin Topped $63K Amid Latest ETF Developments: BTC Dominance at 3-Month High

by CryptoPotato

The latest developments in the US claiming that a Bitcoin ETF might be just around the corner pushed the cryptocurrency to $63,000 hours ago. Most altcoins have failed to follow their leader north, and the BTC dominance reached a near three-month high.

Bitcoin Came $2K Away from ATH

On October 13th – just three days ago – the primary digital asset had dipped below $55,000 after getting rejected at the $58,000 level. The situation quickly changed in the following days, and BTC headed north towards new multi-month highs.

At first, bitcoin neared $58,000 once more and, after a few more attempts, managed to overcome it decisively. This came amid reports that a Bitcoin Futures ETF could launch in the US as early as next week.

While the Securities and Exchange Commission is yet to publish an official confirmation of this, the rumors intensified on Friday, which propelled another leg up for BTC.

This time, bitcoin shot above $60,000 and kept climbing. This culminated hours ago when the asset came just inched away from $63,000 – or roughly 3% away from its April all-time high of $65,000.




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BTC has retraced by a few thousand dollars as of now, but it’s still well above $60,000, and its market capitalization stands north of $1.150 trillion. Its dominance over the altcoins has tapped a near three-month high at 47%, as most of them trail behind.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Eyes $4K: DOT Up by 7%

As mentioned above, most alternative coins have lost some ground against bitcoin lately, but they are still well in the green against the dollar. Ethereum had dropped below $3,500 days ago but currently trades at almost $3,900.

Binance Coin (3.5%), Cardano (1.5%), Ripple (1%), Dogecoin (3.5%), Terra (1%), and Litecoin (4%) have marked some gains on a 24-hour scale. Polkadot has trumped all others with a 7.5% increase to above $43. This came just days after the project made a massive announcement in regards to its parachains.

Solana is the only top 10 coin with a sizeable price decline since yesterday, with a 3% drop to below $160.

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


More gains from The Graph (17%), Amp (15%), NuCypher (10%), and ICP (8%) helped the crypto market cap to top $2.5 trillion briefly. Thus, the metric came inches away from charting a new all-time high as well.

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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.




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Analyzing Altcoin Season And The Impact Of A New Bitcoin All-Time High

by NEWSBTC

Bitcoin price is only striking distance away from potentially setting a new all-time high, or only about a 15% move higher for the new record to be set. As the top-ranked cryptocurrency surprisingly weathers the macro turmoil as of late, altcoins have suffered dramatically and for the most part bled while BTC has been rising.

Alt investors are capitulating, and moving their capital into BTC as to not miss the coming last leg up. But what exactly does this mean for the ongoing altcoin season? Is it over? Or will there be another leg up like there could be in Bitcoin – a move that is becoming increasingly clear by the day?

Alt Season, Bitcoin Dominance, And The Theory Of Five Waves Down

Bitcoin and altcoins have a very unusual relationship, despite being assets of the same class. Top traders such as Nik Patel have spent years working to understand the strange, cyclical behavior between BTC and alts, and have found some success.

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After such an explosive altcoin season, the market is convinced that the music has already stopped, asset prices have topped out, and have started to reallocate heavily into the strength of BTC.

Related Reading | How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout

But much like Bitcoin’s recent pullback is close to proving to be little more than a massive bull market shakeout, due to the relationship between alts and BTC, this divergence between the two types of crypto assets could be a similar shakeout.

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BTC dominance suggests another wave down. | Source: CRYPTOCAP-BTC.D on TradingView.com

Many analysts, such as Elliott Wave International’s Tony Carrion, subscribe to the idea that BTC is about to enter a wave five impulse against the dollar. That would suggest that BTC just completed a wave four, which in the end was a big bear trap. But what if alts are close to finishing a wave four against BTC, with another wave to follow? That’s exactly the picture BTC dominance tells.

Comparing the total altcoin market cap sans BTC against the king itself, shows that alts might shockingly be undervalued by comparison. A similar shakeout in momentum can be seen during the last cycle using the LMACD, pictured below.


Alts are lagging behind BTC in valuation comparatively. | Source: CRYPTOCAP-TOTAL2 on TradingView.com

Which Altcoin Will Survive Best Against BTC When Retail Returns?

Looking at the total crypto market cap and comparing it against Bitcoin price, there are some similarities between the two potential points highlighted by an ascending triangle. The bullish chart pattern if valid would result in a similar up move – taking the cycle to its climax in both Bitcoin and altcoins.


An ascending triangle fractal could launch alts to new highs. | Source: CRYPTOCAP-TOTAL on TradingView.com

With so many altcoins having already performed so well, capital very well could flow into other lagging coins, leading to underperformance in alts that have previously done well.

Related Reading | Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest

For example, during the last cycle, although both BTC and ETH went on to new highs, it was Litecoin and XRP that performed the best during the last leg up.

Both assets were well below the triangle consolidation during the last cycle, and once again have found themselves lagging severely behind. Is this time different? Not much has changed from cycle to cycle.


Underperforming altcoins could perform the best in the next wave | Source: CRYPTOCAP-TOTAL on TradingView.com

The direction of BTC dominance can be deceiving, as the direction of the chart is down when altcoins are doing well. The rest of the charts, which use the same assets in unique juxtapositions, make for a more compelling argument as to why altcoin season has barely even started yet. And the current divergence between BTC and alts is possible the same type of a shakeout that most of the market just fell for in the BTCUSD trading pair.

The psychology behind this expectation, is that the market has realized it was wrong about BTC, and is selling USD, alts, anything to get back into position. When Bitcoin gets back to new all-time highs and attracts more attention to the market, newcomers will go to alts and not BTC.

The higher the top-ranked cryptocurrency gets toward $100,000 and more, the less likely anyone but institutions or the extremely wealthy can afford it. Altcoins will be the next best bet – especially ones that have no sellers remaining such as those that have underperformed thus far.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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Bitcoin Skyrockets to 5-Month High: Dominance Soars as Altcoins Lose Value Against BTC (Market Watch)

by CryptoPotato

The price of bitcoin went on another run in the past 24 hours and briefly exceeded $57,000 for the first time in five months. Most alternative coins seem left behind as BTC’s dominance continues to increase.

Bitcoin Touched $57K

It’s safe to say that BTC has returned to its bullish trajectory after it recovered from its sub-$41,000 dips two weeks ago. In the days that followed, the cryptocurrency added a significant chunk of value, broke above $50,000 for the first time in a month, and only kept climbing.

It went above $56,000, which became a new high since the mid-May crisis, but was initially stopped there yesterday. In fact, the bears pushed it down hard as bitcoin fell below $54,500.

However, this drop seemed short-lived. BTC started gaining value once again and went to a new five-month high at just over $57,000 a few hours ago. As of now, though, it has failed to remain there and has retraced by several hundred dollars.

Its market capitalization is well above $1.050 trillion. Furthermore, the dominance over the altcoins reached 46% earlier today as most of them have stalled.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Left Behind BTC

While bitcoin has been on the run lately, most alternative coins have been unable to follow suit. Ethereum recovered from the late-September crash but remained stuck at around $3,600. In the past 24 hours, it has stood there once again after an unsuccessful attempt to spike higher.

Binance Coin, Solana, Polkadot, Cardano, Ripple, and Avalanche have marked minor losses against the dollar, while DOGE, LUNA, and UNI have dropped even more.

While reviewing those alts’ performance against BTC, the situation for them is even more gloom, leading to the aforementioned bitcoin dominance surge.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Even not many lower- and mid-cap alts have charted massive gains. DYDX and Ren are among the few exceptions with similar 10% increases.

Nevertheless, the crypto market cap has added around $70 billion from yesterday’s low and stands at $2.350 trillion now.

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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.




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Bitcoin Dominance on the Rise as BTC Eyes $56K (Market Watch)

by CryptoPotato

Following yesterday’s price slide below $54,000, bitcoin has started increasing in value once more and has neared $56,000. Although some altcoins like XRP and DOT have charted notable gains in the past 24 hours, BTC’s dominance has also risen.

Bitcoin Aims at $56K

The primary cryptocurrency exploded above $50,000 on October 5th and hasn’t looked back since. Just the opposite, it has been mainly on the offensive, which resulted in tapping $56,000 a few days ago for the first time in roughly five months.

However, breaking above that level turned out to be more challenging than expected as the bears intercepted the move and pushed BTC south. As a result, bitcoin dipped by a few thousand dollars and went below $54,000.

The situation changed once more in the past 24 hours. Instead of dropping further south, BTC started to increase in value once again and just a few hours ago touched $56,000.

As it happened the last time, though, it couldn’t continue upwards and has retraced by several hundred dollars. Nevertheless, it’s still more than 1.5% up on the day and is close to its $56,000 nemesis.




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Bitcoin’s market capitalization stands at $1.050 trillion, while the dominance over the altcoins has reached 45% since most have fallen further behind their leader.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XRP and DOT See Impressive Gains

As mentioned above, most alternative coins have stalled against their leader in the past several days. They are also rather calm against the dollar. Ethereum, for example, has failed to remain above $3,600, and a minor 24-hour drop has driven it back down below than line.

Cardano and Dogecoin have marked insignificant gains, while Binance Coin, Solana, Terra, and Avalanche are slightly in the red.

In contrast, Ripple and Polkadot have charted impressive gains since yesterday. XRP is up by 10% to $1.18, while DOT has increased by 8% and stands above $35.

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


The most substantial price gainer since yesterday is Stacks. A 38% surge has driven STX above $2. Klaytn (11%), Qtum (10%), and IOTA (7%) follow suit.

The cryptocurrency market capitalization has also increased slightly in a day and is currently at $2.330 trillion.

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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.




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Bitcoin Reclaims $1 Trillion Market Cap: BTC Dominance at Two-Month High (Market Watch)

by CryptoPotato

Bitcoin’s recent bullish run continues as the cryptocurrency went to a new multi-month high of nearly $56,000. BTC’s dominance over the altcoins has also reached a record, even though most of them are in the green against the dollar.

BTC Dominance at Two-Month High

October continues to be a highly favorable month for bitcoin, at least for now. The primary cryptocurrency sat at just over $43,000 at the start of it, but in the first few days alone jumped to around $48,000, where it stood for a while.

After a brief $1,000 retracement, it went on a roll again and touched $50,000 for the first time since early September. This time, though, it broke above the level and neared $52,000, as reported yesterday.

The bulls were not done yet, as they kept pushing the asset north. This resulted in another impressive surge that took BTC to a daily high of just under $56,000. This became bitcoin’s highest price tag since mid-May.

Despite retracing with a few thousand dollars since then, the cryptocurrency’s market capitalization is still well above $1 trillion. Moreover, it has increased its dominance over the altcoins to nearly 45%, which is a two-month high.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Green But Not Against BTC

The alternative coins have also jumped higher against the dollar in the past several days. Ethereum, for example, had dipped well below $3,000 during the late-September crash.

However, the second-largest crypto has reclaimed more than $700 since then and currently stands above $3,600, which is a multi-week high.

On a 24-hour scale, the entire market is in green. This includes impressive gains from Cardano, Binance Coin, Ripple, Solana, Polkadot, Terra, Avalanche, Uniswap, and Litecoin.

However, when compared to BTC, the situation is quite different as many of them have lost value for the third consecutive day, resulting in the aforementioned change in the dominance.

One of the few exceptions is Shiba Inu. As reported earlier, SHIB has skyrocketed by triple-digit percentages in the past week and has not become the 12th-largest cryptocurrency by market cap.

The cryptocurrency market cap is up by $150 billion since yesterday’s low and sits now above $2.3 trillion – a multi-month record of its own as well.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

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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.




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Bitcoin Spikes $4K Following Elon Musk’s Tweet, BTC Dominance Rising (Market Watch)

by CryptoPotato

After dumping below $35,000 once more, bitcoin has bounced off quite nicely by adding more than $4,000 of value in hours. Most alternative coins have followed suit with impressive gains, including ETH challenging $2,500.

Bitcoin Eyes $40K

As it happened in the past few weekends, bitcoin lost traction once Saturday came. The positive news from El Salvador had driven the asset to above $37,000, but it plummeted well below $35,000 in hours.

Despite recovering some ground on Sunday, another price slump transpired, in which BTC dipped to $34,750 (on Bitstamp).

At this point, though, Elon Musk stepped up by indicating that Tesla would resume accepting bitcoin payments for its EV product once there’s official confirmation that at least 50% of the cryptocurrency’s mining comes from clean energy sources.

Bitcoin reacted immediately with a $1,500 surge followed by another one once his words reached mass media. In a matter of hours, BTC added more than $4,000 of value and came just inches away from touching $40,000.




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After reaching its highest price line since late May, the asset has retraced slightly but still hovers above $39,000. Nevertheless, BTC’s market dominance is on the rise again to around 45%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Rise Too

The alternative coins have followed their leader north after struggling through the weekend. Ethereum dipped below $2,300 on Saturday, but it added more than $200 to an intraday high of around $2,550 earlier today. Despite retracing to just below $2,500, ETH is still 7% up on the day.

Binance Coin (7%) has also jumped to $360 after bottoming to around $320 during the weekend. On a 24-hour scale, ADA (7%), DOGE (5%), XRP (6%), DOT (6%), BCH (8%), LTC (6%), and SOL (5%) are well in the green as well.

Uniswap and Chainlink have marked double-digit gains. As a result, UNI is just shy of $23, while LINK is just north of that level.

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

More gains come from Amp (20%), Fantom (19%), The Graph (19%), Theta (18%), Aave (16%), THORChain (16%), Elrond (15%), Holo (14%), Compound (12%), and more.

According to CoinGecko, the crypto market cap has added over $100 billion in a day to around $1.7 trillion.

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Cryptocurrency charts by TradingView.





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Bitcoin (BTC) $ 26,933.22 0.11%
Ethereum (ETH) $ 1,670.94 0.93%
Litecoin (LTC) $ 65.60 0.52%
Bitcoin Cash (BCH) $ 234.31 0.81%