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Bitcoin Dominance on the Rise as BTC Eyes $56K (Market Watch)

Summary:
Following yesterday’s price slide below ,000, bitcoin has started increasing in value once more and has neared ,000. Although some altcoins like XRP and DOT have charted notable gains in the past 24 hours, BTC’s dominance has also risen. Bitcoin Aims at K The primary cryptocurrency exploded above ,000 on October 5th and hasn’t looked back since. Just the opposite, it has been mainly on the offensive, which resulted in tapping ,000 a few days ago for the first time in roughly five months. However, breaking above that level turned out to be more challenging than expected as the bears intercepted the move and pushed BTC south. As a result, bitcoin dipped by a few thousand dollars and went below ,000. The situation changed once more in the past 24 hours.

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Following yesterday’s price slide below $54,000, bitcoin has started increasing in value once more and has neared $56,000. Although some altcoins like XRP and DOT have charted notable gains in the past 24 hours, BTC’s dominance has also risen.

Bitcoin Aims at $56K

The primary cryptocurrency exploded above $50,000 on October 5th and hasn’t looked back since. Just the opposite, it has been mainly on the offensive, which resulted in tapping $56,000 a few days ago for the first time in roughly five months.

However, breaking above that level turned out to be more challenging than expected as the bears intercepted the move and pushed BTC south. As a result, bitcoin dipped by a few thousand dollars and went below $54,000.

The situation changed once more in the past 24 hours. Instead of dropping further south, BTC started to increase in value once again and just a few hours ago touched $56,000.

As it happened the last time, though, it couldn’t continue upwards and has retraced by several hundred dollars. Nevertheless, it’s still more than 1.5% up on the day and is close to its $56,000 nemesis.

Bitcoin’s market capitalization stands at $1.050 trillion, while the dominance over the altcoins has reached 45% since most have fallen further behind their leader.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XRP and DOT See Impressive Gains

As mentioned above, most alternative coins have stalled against their leader in the past several days. They are also rather calm against the dollar. Ethereum, for example, has failed to remain above $3,600, and a minor 24-hour drop has driven it back down below than line.

Cardano and Dogecoin have marked insignificant gains, while Binance Coin, Solana, Terra, and Avalanche are slightly in the red.

In contrast, Ripple and Polkadot have charted impressive gains since yesterday. XRP is up by 10% to $1.18, while DOT has increased by 8% and stands above $35.

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

The most substantial price gainer since yesterday is Stacks. A 38% surge has driven STX above $2. Klaytn (11%), Qtum (10%), and IOTA (7%) follow suit.

The cryptocurrency market capitalization has also increased slightly in a day and is currently at $2.330 trillion.

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