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.
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%.
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.
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