Most cryptocurrencies are also on the rise as Bitcoin (BTC) approaches $ 23,000. However, altcoins are in decline against Bitcoin. Bitcoin dominance is around 65%.
Bitcoin hit record highs of over $ 20,000 and took an incredible rise. This has left most alternative coins behind their leaders, with most altcoins falling against the BTC value. Bitcoin dominance over the market has risen to over 65% for a while.
Bitcoin price is at $ 23k
After consolidating around $ 19K for a few days, BTC took a big leap forward yesterday. The asset has risen to nearly $ 20,000 for the first time. The price action has sparked a serious interest from investors, causing temporary, serious disruptions to some of the most popular cryptocurrency exchanges, such as Binance and Coinbase.
Although some thought that Bitcoin would fall again the day after breaking $ 20,000, the pioneering cryptocurrency continued its magical ascent, passing two more milestones ($ 21-22,000). BTC, which has exceeded its third milestone at the time of writing, is trading at levels above $ 23.
Interestingly, the price increase coincided with the increase in the number of wallets holding at least 1,000 BTC. Glassnode data noted that such wallets hit an all-time high of 2,294, beating the record seen three days ago.
Number of addresses holding 1,000 BTC. Source: Glassnode
Altcoins are falling against Bitcoin
Most alternative coins took advantage and followed BTC upwards. However, even though they recorded impressive gains against the dollar, they were significantly surpassed by their leaders. As can be seen in the red chart below, ETH lost 4.54%, XRP 0.32%, BNB 8% and ADA 6.9% against Bitcoin. Litecoin (LTC) was the only cryptocurrency to rise against Bitcoin. As a result, Bitcoin’s dominance over the market has increased to 65%. This means an expansion of 2% in one day and 5% in three weeks.
Altcoins etc. Bitcoin. Source: Coin360
Still, as the entire market is green against the dollar, the overall market value seems to have felt the positive effects. The cumulative market value of all cryptocurrency assets has increased from $ 560 billion to $ 635 billion a day. This is the highest level recorded since the beginning of January 2018.
Total cryptocurrency market cap. Source: CoinGecko