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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.


About The Author

Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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