Bitcoin Price Rejected at $38K as BTC’s Dominance Down to 42% (Market Watch)

Bitcoin Price Rejected at $38K as BTC’s Dominance Down to 42% (Market Watch)

News
June 1, 2021 by J.D. Smith
17
Following yet another dump to about $34,000, bitcoin bounced off and even neared $38,000 for a new three-day high. However, it failed to continue upwards, and its market dominance has declined to 42% as most alternative coins, including ETH, BNB, and ADA, have charted more significant gains. Altcoins In The Green The past several days

Following yet another dump to about $34,000, bitcoin bounced off and even neared $38,000 for a new three-day high. However, it failed to continue upwards, and its market dominance has declined to 42% as most alternative coins, including ETH, BNB, and ADA, have charted more significant gains.

Altcoins In The Green

The past several days didn’t go all that well for the alternative coins, and many of them failed to recover the recent losses. However, the situation has changed to a large extent since yesterday.

Ethereum struggled around and below $2,500 for days but has pumped by 7% and is well above $2,600 as of now. Cardano, which surpassed Binance Coin yesterday as the fourth-largest digital asset, has continued upwards after another 6% increase. As a result, ADA trades around $1.7.

BNB has also surged in the past 24 hours and is currently at roughly $350. XRP (5%), DOGE (8%), DOT (9%), UNI (7%), and LINK (9%) are also well in the green from the larger-cap altcoins.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Kusama has surged the most from the top 100 coins with an 18% jump to $365. THETA (15%), Shiba Inu (14%), Aave (14%), Terra (13%), Theta Fuel (12%), VeChain (12%), PancakeSwap (12%), and DigiByte (11%) complete the double-digit gainers.

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Ultimately, the cumulative market capitalization of all crypto assets added roughly $80 billion since yesterday and is above $1.6 trillion.

Bitcoin Neared $38K But Failed

As reported earlier, bitcoin ended May deep in red with a 35% drop in terms of USD value. In fact, this turned out to be the asset’s second-worst performing month.

June started a bit more positive as BTC bounced off from yesterday’s bottom of $34,200. In the following hours, bitcoin added roughly $4,000 of value and reached a three-day high of nearly $38,000 (on Bitstamp).

However, as it has happened quite a few times in the past several weeks, the bears quickly took control and pushed the price south. As of now, the primary cryptocurrency struggles at $36,000.

Consequently, the altcoins have reduced bitcoin’s market dominance by 1% in a day to 42%. The asset’s market cap is still below $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.