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Bitcoin Price Eyes $40K While BNB Tops $70 For the First Time (Market Watch)

After losing a substantial share of its market dominance lately, bitcoin has recovered some of the losses by nearing $40,000. This comes even after some altcoins have gained value, including yet another record for Binance Coin above $70.

BTC Eyes $40K, Recovers Some Lost Dominance

Despite gaining a few thousand dollars since Monday’s dip to $32,000 to about $37,000, bitcoin remained in the shadows while some alternative coins took the main stage. Consequently, they reduced BTC’s dominance over the market to just above 60%.

However, the primary cryptocurrency has reacted in the past 24 hours and jumped to an intraday high of $39,700. The asset retraced slightly after coming inches away from the $40,000 price tag, but it still hovers north of $39,000.

As such, bitcoin has reclaimed some lost ground in terms of market dominance. The metric comparing BTC market capitalization with the rest of the altcoins has jumped to 61.6% – over 1% increase in the past 24 hours alone.

From a technical perspective, bitcoin would have to overcome the resistance lines at $40,000, $40,735, and the ATH at $42,000 before potentially heading into uncharted territory.

Alternatively, the support lines at $36,000, $35,140, and $34,000 could assist if the trend reverses and BTC heads south again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Total Market Cap Nears $1.2T As BNB Conquers $70

Most alternative coins have calmed slightly in the past 24 hours after substantial gains during the weekdays. Ethereum has stalled beneath $1,700 after yesterday’s all-time high at over $1,740.

XRP, Chainlink, and Polkadot have charted minor losses, while Cardano and Litecoin have each jumped by about 6% to $0.54 and $160.

However, Binance Coin has stolen the show once more with another impressive push. This time, Binance’s native token has surpassed the milestone at $70, becoming the latest ATH. Moreover, BNB has jumped to the 7th spot by market capitalization, overtaking LTC and LINK.

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

IOTA is the most impressive gainer from the top 100 with a 34% surge, followed by Cosmos (29%). Some DeFi tokens have doubled-down on their recent explosion. PancakeSwap has added 22% to $3.15, Loopring (15%) to $0.7, Decentraland (15%) to $0.2, IOST (14%), Maker (15%), and Elrond (13%).

Ultimately, the crypto market cap reached another ATH at $1.193 trillion and came just a few billions away from topping $1.2 trillion.

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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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