Market Watch: Altcoins Skyrocket As Bitcoin Struggles Below $50K

It’s been mostly green on the cryptocurrency market over the past couple of days and this is especially true for the skyrocketing altcoins. The total market capitalization stands at around $1.45 trillion whereas bitcoin’s dominance has been reduced to 60.3%.

Bitcoin Struggling Below $50,000

Just yesterday, Bitcoin made another attempt to reach the coveted $50,000 mark but unfortunately, it was unable to do so. The cryptocurrency peaked at a high of exactly $49,000 on Bitstamp.

At the time of this writing, the price has retraced to below $47,000 for a daily decline of about 1.4%. However, over the past 7 days, BTC is up by a whopping 19% and the overall bullish trend remains largely intact.

btcusd_chart
BTC/USD. Source: TradingView

It’s worth noting that the first level of major resistance is likely to be encountered around the current all-time high of $49K. Above that, the next target would be the coveted $50K mark, followed by $50,400, $51,400 and so forth.

From below, the first major support is at $46,400, followed by $45K, and $44,200. It’s interesting to see how the price will develop in the following hours, given the traditionally volatile weekends.

Altcoins Party

Altcoins, on the other hand, have been partying over the past few days. Despite the last hour where most of the cryptocurrencies saw a retraction, altcoins have had a great time so far, reducing the total dominance of BTC to almost 60%.

Ethereum is trading around $1,800, Cardano remains ahead of Ripple with a price of almost $0.9 and a massive weekly surge of about 65%. BNB, despite retracing to $127 is still charting weekly gains of more than 70% and so forth.

The biggest gainers over the past 24 hours remain DASH with a surge of over 30%, NEAR Protocol with gains of almost 30%, and Zilliqa (ZIL), up about 22%.

On the other hand, Ampleforth is down by 10%, OCEAN protocol by 8%, and AVAX by around 10% in the past day. It’s worth noting, though, that these daily drops are insignificant compared to the surge of most cryptocurrencies. AVAX, for instance, is up over 160% on the weekly whereas OCEAN is up 60%.

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