Bitcoin Nears $58K As Altcoins Remain In The Red: Price Analysis

Bitcoin nears $58K as the rest of the altcoins get covered in red as we can see more in our latest Bitcoin price news and analysis today.

Bitcoin touched a new multi-month high at $58,000 before retracing slightly but most of the other coins continued to lose their value against BTC and the dollar with some huge declines being evident from Solana, Ripple, Polkadot, Terra, Uniswap, and Avalanche. The alternative coins continued to suffer over the past day and Ethereum failed to remain above $3600 and a 3.5% drop which pushed it below $3500. The rest of the altcoin landscape is in an even worse shape as Binance Coin is close to breaking below $400 for the first time in one week. Cardano erased 5.5% in one day and now stands at $2.1.

Ripple, Polkadot, Dogecoin, Solana, Terra, and Uniswap as well as Litecoin and Avalanche lost more value since a day ago. XRP sits at $1.1 while SOL sits at $143. DOGE Is below $0.23 while LUNA dumped below $40 and UNI at $23. Even more losses were seen from altcoins like Ren as it lost 15%, IOTA lost 12% and THORChain lost 11%. THETA lost a chunk as well by 10% and Avalanche by 10%. however, the market shed off around $60 billion in one day but managed to back up by $2.3 trillion.

Bitcoin nears $58K and its performance is contrasted with the altcoins over the past few days. This is supported by the increasing BTC dominance which tapped a two-month high at 47%. just for reference, this metric fell below 44% two weeks ago and the main digital asset was slow but added a few chunks of value since it broke above $50,000. it managed to jump to $55,000 and touched $56,000 in the next few days to chart a new five-month high.

crypto market — Cryptocurrency Market Overview. Source Quantify Crypto

After dropping to $54,500 over the past day, it went on another run and came a few inches away from $58,000 but was stopped there. The bears intercepted the move and pushed the coin south but as of now, BTC reclaimed its ground and now stands around $57,500 with its market cap nearing $1.1 trillion once more.

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