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Bitcoin Loses Dominance as Altcoins Push Higher — Crypto Market Daily

The cryptocurrency market rebounded quickly after Sunday’s selloff. Bitcoin ( BTC) has recovered another 0.7% in the past 24 hours and is now trading near $11,300.

The total cryptocurrency market capitalization rose another 1.6% to $352 billion. Meanwhile, Bitcoin’s dominance has dropped below 60% to 59.2%, as per data from CoinGecko.

The more robust Ether ( ETH) was up 2.33%. It tested the $380 support level last night before a strong rebound to challenge the $400 resistance level. It is currently hovering at around $394. ETH/BTC has risen for six straight days.

The Ethereum 2.0 test network is expected to go live on Aug. 4 at around 12:00 pm UTC. Earlier, demand for staking led to a large amount of ETH being purchased. Some short-sellers think the launch of the testnet signals good timing for cashing out, though the market structure still looks bullish.

XRP surged 3.6% and crossed a resistance at $0.30. It is now trading near $0.31. Over the past two weeks, XRP has undoubtedly been the strongest of the large-capitalization altcoins — having risen by roughly 10 cents.

The most impressive performer in the past 24 hours was Chainlink ( LINK), which surged another 11% after recovering Sunday’s losses yesterday. LINK is now trading at $9.60 — well above its previous high of $8.90 in mid-July. It looks like LINK is unstoppable on its way to the $10.00 round-figure psychological level.

Also in large-capitalization altcoins, Bitcoin SV ( BSV) and Tezos ( XTZ) have reaped gains of more than 5% in the past 24 hours.

In the traditional market, stocks in the United States closed up on Monday. The Nasdaq Composite Index hit both a new all-time intraday and closing high. The S&P 500 Index rose 23.49 points, or 0.72%. Gold futures prices rose slightly, setting a new all-time record close — though a rebounding dollar kept gold gains contained, preventing it from closing above the important $2,000 psychological mark.

Top gainers and losers

Small-capitalization currencies have again been surprising in their rebound phases, with The Midas Touch Gold ( TMTG) rebounding a whopping 40.65% today after plunging 18% yesterday. Also, apM Coin ( APM) realized a 17.18% gain over the last 24 hours.

There were no altcoins down by double digits today — with the worst performer being Qunqun ( QUN), which is down 9.18%.

New listings

Sensor (XSR) is now listed on OKEx. XSR Spot Trading (XSR/USDT, XSR/BTC) will be live at 7:00 am UTC on Aug 6.

XSR deposits went live at 7:00 am UTC today, and XSR withdrawals will be available at 9:00 am UTC on Aug. 6.

BTC technical analysis

On the technical side, the BTC price fell sharply on Sunday and was supported by the four-hour MA60. The midterm bullish pattern is still intact. On the hourly chart, last night’s seemingly powerful selloff was quickly recovered — indicating that longs are actively willing to purchase more.

In the short-term, BTC may continue its sideways move and trade above its critical support level of $10,670. Intraday resistance is located near $11,360.

Visit https://www.okex.com/ for the full report.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals.

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