While the asset fell below $ 34,500 for the second time in 3 days, Bitcoin’s dominance fell to 66%. At the same time, Polkadot recorded another ATH for over $ 19.
Bitcoin’s bloody weekend continued with significant price drops as the leading cryptocurrency fell below $ 35,000 for the second time in 3 days. By contrast, significant gains for Cardano (ADA) and an all-time high for Polkadot reduced BTC’s dominance over the market to about 66%.
Bitcoin lost more than $ 3K in 24 hours
Just a few days after Monday’s collapse, when BTC dropped just over $ 30,000, the cryptocurrency managed to recoup most of the losses and even tried its rise once again at $ 40,000.
However, BTC failed to rise above this coveted level and began to gradually depreciate. BTC dropped to $ 34,500 on Friday, but the bulls stopped moving and took an intraday high of about $ 39,000 a few hours later.
However, the negative developments are back and Bitcoin once again dropped. As of writing these lines, Bitcoin price is trading below $ 34,500.
Technical indicators show that the next support levels that could help if BTC drops lower are $ 34,000, $ 32,500 (mid-term rising trendline) and $ 30,000 (Monday’s low).
Alternatively, Bitcoin must overcome the $ 35,600, $ 36,600, $ 37,150 and $ 38,000 resistance lines before potentially challenging the $ 40,000.
Altcoins reducing BTC dominance
While most alternative cryptocurrencies are slightly red, they actually managed to reduce BTC’s dominance over the market and gain value against BTC values.
Bitcoin’s market dominance dropped to 66.2 percent.
This level came after impressive gains from assets such as Polkadot and Cardano. DOT has doubled in the last bull run, the all-time high. On the weekly scale, DOT rose more than 70%, and the asset placed fourth, surpassing XRP.
On the other hand, ADA rose 15% to $ 0.36.
Ethereum, Binance Coin, and Litecoin suffered minor losses. Ripple fell 3%, Bitcoin Cash 3% and Chainlink lost 8%.
The most important earning coin of the last 24 hours is Avalanche. AVAX jumped 36% after market capitalization exceeded $ 1 billion, making it one of the top 40 cryptocurrencies.
Enjin Coin (19%), NEAR Protocol (18%), Rhine (16%), Kusama (14%) and SushiSwap (14%) other increased coins.