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Bitcoin’s Consolidation Gives Smaller Altcoins a Chance to Move

Bitcoin (BTC) price dropped as low as $11,255 yesterday morning before bouncing back and consolidating between the $11,400 and $11,500 range, as per OKEx’s BTC Index. Notably, the price of gold also recovered quickly yesterday to set a weekly high.

Meanwhile, U.S. stocks continued to move higher overnight, with the Nasdaq Composite Index and S&P 500 hitting new all-time highs, driven by a rise in tech stocks.

In crypto, major large-cap coins posted minor gains, with Ether ( ETH) and Litecoin ( LTC) rising 0.99% and 0.76%, respectively. Chainlink ( LINK), however, broke through the $15 resistance and rose 6.40% overnight.

The total crypto market capitalization remains unchanged at around $370 billion, as per data from CoinGecko, while BTC’s dominance dropped slightly to 56.7%.

Overnight trading action also saw Polkadot ( DOT) and its ecosystem tokens rising rapidly. The market capitalization of DOT, having risen more than 100% in seven days, now places it sixth in terms of ranking.

DOT has effectively overtaken large coins, such as Bitcoin Cash (BCH), in terms of market cap and is around $20 million away from the fifth spot, currently occupied by LINK, as per CoinGecko’s data.

Another hot sector overnight was that of decentralized autonomous organizations, with its related tokens — such as Aragon ( ANT), Mantra DAO ( OM) and Pinakion ( PNK) — surging 14%, 12% and 26%, respectively.

Top altcoin gainers and losers

After Bitcoin bottomed out, we’ve seen small-cap altcoins skyrocketing on a daily basis. Exchange Union ( XUC) soared 143.03% over the last 24 hours, while Achain ( ACT) and CELO jumped 73.16% and 40.04%, respectively.

CELO’s big rise is influenced by its listing on Coinbase, whereas KCASH was down 24.35% due to profit-taking after a series of sharp rallies.

BTC technical analysis

Bitcoin has been witnessing a relative shrinking in trading volumes, indicating that active selling continues to weaken. However, the rebound from yesterday was not very strong either, which means traders should be watching the important support at $11,200 for now.

Bitcoin price — 8/27"/>OKEx BTC Perpetual Swap 1h chart — 8/27. Source: OKEx, TradingView

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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