While the total value of the crypto money market exceeds $ 700 billion, the dominance of BTC rises above 70% as altcoins cannot keep up with the increase of Bitcoin.
The asset has surged above $ 27,500 and even approaching $ 28,000, the price has broken an all-time record. Most alternative cryptocurrencies were unable to track BTC’s earnings, and Bitcoin dominance rose above 70% for the first time since September 2019.
New ATH for $ 27,900 level BTC
This year’s Holiday season is pretty bullish for the leading cryptocurrency. Since December 24, Bitcoin has been seeing its all-time high every day.
After rising above $ 25,000 and $ 26,000 in the past two days, BTC has now broken $ 27,600.
However, the asset did not stop there and advanced towards the latest ATH of $ 27,913. The question on the agenda now in the cryptocurrency community is whether BTC will surpass $ 28,000 at the end of the day and $ 30,000 at the end of 2020.
Altcoins fall against BTC
Most altcoins have gained value against the dollar in the last 24 hours. Ethereum increased 5% to $ 650, Bitcoin Cash (8%) to $ 340, Binance Coin (3.5%) to $ 34, Polkadot (3.7%) to $ 5.3 and Cardano (6%) to $ 0.16 rose.
Litecoin has doubled its impressive performance over the last period and rose 6% to $ 136.
However, all major and most low and medium altcoins have lost value against BTC. As the chart below shows, ETH fell 6% to 0.024 BTC while Ripple dropped over 13%. Even LTC could not compete with the leading cryptocurrency after a 5% drop.
As a result, the benchmark comparing Bitcoin’s market value to all other alternative currencies climbed to a new year’s high, as altcoins were unable to track BTC’s impressive gains. Bitcoin’s dominance is north of 70%, the highest level seen since September 2019, according to TradingView data.
It is also worth noting that it adds $ 110 billion to the cumulative market value of all digital assets in three days. The value rose to $ 725 billion, the highest level since January 2018.