The total cryptocurrency market cap has held above $1.3 trillion in the past 24 hours, but Bitcoin’s dominance has decreased during this period, indicating better performance by altcoins. Let’s take a closer look at what happened.
Bitcoin’s Struggle for $30K
Yesterday, BTC’s price dropped below $30K and hit a local intraday low around $29,300. However, the bulls have managed to reassemble and push the price back toward $30K. Currently, BTC is fighting for this pivotal level, and it remains to be seen if it will reclaim it. Futures markets witnessed $35 million worth of liquidated BTC positions in the past 24 hours, half of that in ETH positions, with over 60% representing long orders. Therefore, bears appear to have taken control of the derivatives market for the time being.
Despite this, BTC is still 0.6% down for the day and only up about 0.2% for the week.
Altcoins Outperform, XRD Rallies
Over the past 24 hours, altcoins have slightly outperformed BTC, pushing its dominance down by 0.2%. This comes on the back of certain coins executing better than others, including the larger projects such as Litecoin (+3.2%) and Avalanche (+3.9%).
The best performing cryptocurrency from the top 100 by market cap is Radix (XRD). It has surged up to 28%, contributing to total weekly gains of around 113%. XRD shows no signs of slowing down. However, Bitget Token (BGB) is down about 6.7%, and Rocket Pool (RPL) is down 5.2%, on the other end of the spectrum.
The market sentiment remains positive, with values of 58 according to the Crypto Fear and Greed Index, indicative of “greed.”
