Bitcoin’s bloody weekend continued with significant price drops as the primary cryptocurrency fell below $ 35,000 for the second time in three days. In contrast, notable gains for Cardano (ADA) and another all-time high for Polkadot have increased BTC’s dominance to around 66%.
Bitcoin loses more than $ 3K in 24 hours
Just a few days after the crash on Monday, when BTC hit a low point of just over $ 30,000, the cryptocurrency was able to make up most of the losses and even tried again at $ 40,000.
However, BTC was unable to exceed this coveted level and gradually began to decline in value. BTC fell to $ 34,500 on Friday, but the bulls caught the move and drove it to an intraday high of nearly $ 39,000 a few hours later.
Nevertheless, the negative developments returned and Bitcoin fell again – lower this time. At the time of this writing, Bitcoin price is under $ 34,500 – over $ 3,500 in free fall in less than 24 hours.
The technical indicators suggest that the next levels of support that could help if BTC plunged further south are $ 34,000, $ 32,500 (medium-term ascending trendline) and $ 30,000 (Monday’s low).
Alternatively, Bitcoin must break the resistance levels at $ 35,600, 36,600, $ 37,150 and $ 38,000 before it may challenge $ 40,000 again.
BTCUSD. Source: TradingView
Three in a row for DOT; Alts that reduce BTC dominance
Although most alternative coins are slightly in the red, they have actually managed to reduce BTC’s dominance and gain over their BTC value.
The metric comparing Bitcoin’s market capitalization to all other altcoins was 70% earlier this week but has dropped to 66.2% at the time of this writing.
This has become possible after impressive profits from assets like Polkadot and Cardano. DOT doubled its recent bull run to another all-time high – over $ 19 this time. On a weekly basis, DOT is up more than 70%, and the asset has outperformed XRP as the fourth largest crypto.
On the flip side, ADA is up 15% to a high of $ 0.36.
Ethereum, Binance Coin, and Litecoin saw minor losses. Ripple (-3%), Bitcoin Cash (3%) and Chainlink (-8%) lost the most among the top ten.
Market overview of cryptocurrencies. Source: Quantify Crypto
The biggest winner in the last 24 hours is Avalanche. AVAX is up 36% to hit the top 40 coins after its market capitalization surpassed the $ 1 billion mark.
Other gains can be seen at Enjin Coin (19%), NEAR Protocol (18%), Ren (16%), Kusama (14%) and SushiSwap (14%).
In contrast, IOST (-28%), Voyager Token (-22%), Nexo (-20%), Band Protocol (-15%) and HedgeTrade (-12%) lost the most.
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TradingView’s cryptocurrency charts.
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