Bitcoin has continued to climb higher over the past 24 hours and benefited from a new multi-week high just shy of $50,000. Despite this, most altcoins have lost value against their leader recently, and the dominance of BTC has slightly increased.
Bitcoin Nears $50K
It was less than a week ago – on September 30 – when the price of bitcoin fell below $41,000 for the third time in five days. However, much has changed since then, perhaps prompted initially by promising news from US Federal Reserve Chairman Jerome Powell, who emphasized that the country had no intention of banning digital assets.
BTC started to recover quickly by recovering $43,000 and $45,000 in just two days. It continued to increase in value and reached $48,000 over the weekend. It was rejected here at first, pushing it down to $47,000, but the bulls started another leg up in the following hours.
This time, Bitcoin crossed $49,000 and reached an intraday high of $49,800. After charting that high in four weeks, BTC has rebounded a bit, but it is still above $49,500.
Consequently, the market capitalization of Bitcoin has increased to over $900 billion. The dominance of the alternatives is also at 43%, with most of them failing to follow BTC upwards.
Altcoins conflict with Bitcoin
Most altcoins mimic the performance of BTC lately, but the situation has changed in the past 24 hours, as mentioned above. ETH, for example, is up about 1% against the dollar, standing at $3,400. However, it is down more than 2.5% against BTC in the same time frame.
Cardano, Ripple, Solana, Polkadot, Binance Coin, Litecoin, Terra, and Algorand have also lost a significant amount of value against the largest cryptocurrency.
There are some obvious exceptions to Dogecoin, the DOGE-killer – Shiba Inu, which is shown in green compared to the dollar and bitcoin.
Opposition to the US dollar means that the market value of the cryptocurrency has also increased in the last 24 hours. The measure is up $80 billion from yesterday’s low and is currently at $2.170 trillion.
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