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Bitcoin Price Eyes $28,000 as BTC Dominance Marks 14-Month High (Market Watch)

Bitcoin Price Eyes $28,000 as BTC Dominance Marks 14-Month High (Market Watch)


Another day and another all-time high for bitcoin as the asset broke above $27,000 and even neared $28,000. Most alternative coins have failed to mimic BTC’s gains, and bitcoin’s dominance has exploded to above 70% for the first time since September 2019.

New ATH For BTC At $27,900

This year’s Holiday season has turned to be quite bullish for the primary cryptocurrency. Ever since December 24th, bitcoin has painted a new all-time high daily.

After breaking above $25,000 and $26,000 in the past two days, the time for $27,000 came hours ago, as CryptoPotato reported.

However, the asset didn’t stop there and continued forwards to what became the latest ATH – $27,913 (on Binance). The question within the cryptocurrency community remains if BTC could break above $28,000 by the end of the day and $30,000 by the end of 2020.

BTC/USD. Source: TradingView

Altcoins Bleed Out Against BTC

Most altcoins have gained value against the dollar in the past 24 hours. Ethereum is up by 5% to $650, Bitcoin Cash (8%) to $340, Binance Coin (3.5%) to $34, Polkadot (3.7%) to $5.3, and Cardano (6%) to $0.16.

Litecoin has doubled-down on its recent impressive performance with another 6% surge to a new yearly high of $136.

However, all large-cap and most lower- and mid-cap altcoins have lost value against BTC. As the graph below demonstrates, ETH is down by 6% to 0.024 BTC, while Ripple has dropped by more than 13%. Even LTC couldn’t compete with the primary cryptocurrency after a 5% decline.

Cryptocurrency Market Overview. Source: coin360.com
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Cryptocurrency Market Overview. Source: coin360.com

Consequently, as altcoins have failed to copy BTC’s impressive gains, the metric that compares bitcoin’s market cap with all other alternative coins have expanded to a new yearly high. Bitcoin’s dominance is north of 70% – the highest level shown since September 2019, according to TradingView data.

Bitcoin's Dominance. Source: TradingView
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Bitcoin’s Dominance. Source: TradingView

It’s also worth noting that the cumulative market capitalization of all digital assets has added $110 billion in three days. It has risen to $725 billion – the highest level since January 2018.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.





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