BTC dominance continues to decline as Bitcoin prices hover around $ 55K

BTC dominance continues to decline as Bitcoin prices hover around $ 55K


2021-03-29 10:52:53

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After increased volatility before and over the weekend, Bitcoin looks like it is stuck around $ 55,500. Ethereum fell slightly, while THETA increased by 6%.

After one rejection at $ 56,500, Bitcoin has dropped about $ 2,000 since then but is now stabilizing over $ 55,000. Most of the altcoin market has also stalled since last week’s gains except for THETA, which continues to be the most impressive coin with a notable gain.

Besides that, the BTC dominance index continues to decline, which means that altcoins are showing their outperformance over the top cryptocurrencies.

Bitcoin is calm over $ 55,000

After midweek fears that the asset could drop below $ 50,000 for the first time since early March, Bitcoin slowly but surely regained support. It has overcome a number of major hurdles, including resistance at $ 56,000.

The leading cryptocurrency continues to slightly increase slightly and hit an intraday high at $ 56,500. However, the bears were in control at the time and did not allow the asset value to increase any further.

In contrast, Bitcoin fell around $ 2,000 in the following hours, to a low of $ 54,500 (on Bitstamp). However, it has been popping up ever since, adding nearly $ 3,000 in value and currently priced around $ 57,100.

If bitcoin continues to rally, it will have to overcome resistances at $ 57,700, $ 58,455, and $ 60,000, according to technical indicators. Additionally, the levels of $ 55,000, $ 52,500, and $ 51,540 might provide support in the event that the price moves lower again.

Large-cap altcoins stagnate, but THETA is not

The altcoin market has also followed Bitcoin over the past few days by recording slight gains over the weekend. As expected, most of the large cap altcoins have stabilized over the past 24 hours.

Ethereum and Binance Coin are up about 1% each with ETH hovering at $ 1,740, while BNB is at $ 276. Uniswap and Chainlink also increased by the same percentage, hovering around $ 28.79 and $ 27.60.

Cardano, Polkadot and Ripple gained slightly while Litecoin and THETA gained the most. LTC rose 5% to above $ 195, while THETA continued with an impressive performance of 7.4% to $ 13.6. On a weekly scale, THETA is up about 40% and is the ninth largest cryptocurrency by market cap.

Harmony jumped the most on a 24-hour scale with a 25% gain to $ 0.21. Followed by Decentraland (19%), Hedera Hashgraph (18%), Klaytn (16%), The Graph (16%), Kusama (10%), Fantom (10%) and Curve DAO Token (10%).

Overall, the relatively stagnant performance from the large-cap altcoins and the total crypto market cap remains above $ 1.7 trillion.

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