A Bitcoin Battle For $30K While Altcoins Bleed (Market Watch)

(CTN News) – Bitcoin is trying to reclaim the $30K level, but the altcoin market is also bleeding out.

There have been some significant losses in the cryptocurrency market over the past 24 hours, with the market losing some $9 billion during that time.

There have been losses in altcoins also, which have been showing slight declines across the board, coming on the back of losses in cryptocurrencies.

At the same time, Bitcoin’s price is remaining stagnant at the same level as it did yesterday, without any noticeable changes.

It’s a battle for $30K between Bitcoin and Ethereum

There has been no progress made in overcoming the $30K level on the Bitcoin price.

Moreover, it appears that the bears are trying to take control of the action, and they have even been able to push the price down to about $29.6K, indicating the bears are taking control of the action.

There was a resurgence in sales, however, and it now trades for about $29.9K, which is about where it traded just a few months ago.

It is interesting to note that Bitcoin’s dominance has increased by around 0.2% in the past 24 hours, which is a little more than we were expecting.

As much as it may seem like an insignificant increase, the truth is that it shows that Bitcoin outperformed altcoins and was able to claim a larger share of the market than any of them.

When it comes to altcoins, most of them are in the process of bleeding out.

A Low Price for Altcoins

It is clear from the heatmap below that the majority of altcoin markets, but particularly those with a higher capitalization, have posted steady declines over the past 24 hours.

Among the cryptocurrencies that are currently outperforming the rest, Kaspa stands out as it is up a substantial 14.4% over the last 24 hours and is followed by XDC Network, which is also up around 9% over the same period of time.

In regard to yesterday’s performance, it is important to mention that XDC was the best performing token yesterday. On the other end of the spectrum, Stellar’s XLM and XRP were the two worst performers today, each losing 6.5% of their value.

SEE ALSO:

JCPenney’s Approach To Reaching Shoppers