Although Bitcoin was stopped at $ 33,000, it increased its dominance as the cryptocurrency Ethereum and other altcoins lost more value in a day.
Bitcoin’s inability to sustain gains recently continued over the past 24 hours, as the asset once again dropped even below $ 31,000.
Most altcoins have also lost their value, which has helped BTC regain some of its dominance that it lost in the market recently.
It should be noted that as we approach the end of January, Uniswap’s UNI token has increased by a total of 280% in the last 30 days.
Bitcoin dropped below $ 31,000
Bitcoin fell more than 10% on a weekly scale as the asset gradually depreciated. These developments caused it to drop below $ 29,000 recently, the lowest price tag since early January.
Although the asset initially recovered fairly quickly and even jumped to $ 35,000, it turned out to be a false outlet and the bears regained control.
The downside movements have continued in the past 24 hours as the leading cryptocurrency fell below $ 31,000. However, BTC managed to bounce, and the bulls pushed it to a daily high of $ 33,000.
However, the situation was repeated once again and BTC fell below $ 32,000. CryptoPotato reported yesterday that miners’ profits could be one of the reasons behind BTC’s inability to continue its bull run.
Altcoins don’t get too high
Most of the alternative cryptocurrencies have outperformed their leaders in the past few days, which helped bring BTC’s dominance below 63%.
Ethereum fell 2% to just under $ 1,300. XRP, Bitcoin Cash, Chainlink, Polkadot, Cardano and Litecoin are also in red.
Binance Coin is the only exception that makes small wins. As a result, BNB is trading just above $ 41.
Uniswap has a clear win among large-volume altcoins, with the UNI token rising above 10% and many of the others being painted red. The cryptocurrency has gained over 280% since last month alone.
However, the total market capitalization is around $ 930 billion.