Bitcoin has failed to reach $20K again. Bitcoin gained almost 2% of dominance this past week, regardless of the failure to reclaim $20,000.
Bitcoin failed to break through $20,000, dropping by almost $1,000 yesterday. As it did on Monday, the market reacted negatively and most of the altcoins are in the red at the moment, while some are actually up.
Bitcoin Has Failed To Reach $20K Again
Bitcoin has had much less volatility this week, at one point dipping as low as $18,100 and rebounding back up to around $19,500.
The value of Bitcoin recovered some ground and remained at around $19,000. It spent most of the weekend there and even Monday.
The first big movement in the price of crypto came on Tuesday when they hit a 12-day high of $20,400. But then bears jumped back in and pushed that number all the way down.
The market is currently in a state of flux, with prices see-sawing between $19,000 and $20,000. It remains to be seen whether BTC can muster the strength to push through the $20,000 barrier, or if it will continue to languish below this key level.
BTC’s dominance has gained over the week and is now up to 39.5%. It’s even touched 40% this week at one point.
The Alternative Coins Had Failed Attempts At Gaining Impressive Gains
Ethereum’s post-merge struggles continue. The cryptocurrency traded at $1,650 shortly after the transition to Proof of Stake (PoS) was completed two weeks ago, but quickly dumped to $1,220 in the following days. Since then, it has recovered some ground and managed to break back above the $1,320 mark.
The good news is that the digital asset is still up by a whopping 25% in the past week. This means that XRP has now entered into price discovery mode as it looks to set new higher highs.
From a technical perspective, XRP remains in an uptrend as long as it trades above $0.45. The next key level to watch out for is $0.55 which if breached could see XRP touch $0.75 in the near term.
In the case of Binance Coin, ADA, and DOT, the losses are not really significant. Binance coin is currently down by 1.27%, Cardano by 2.14%, Solana by 3.17%, and Polkadot by 2.97%. There are only two mid-cap altcoins with notable gains, Uniswap and QNT.