Bitcoin’s Dominance Continues Decreasing As UNI Hits $20

Bitcoin’s dominance continues decreasing while the Uniswap UNI token hit $20 and XRP went through a huge pump so let’s follow-through in our latest BTC news.

After the highly volatile few days where BTC displayed $6000 price shifts in both directions, the cryptocurrency calmed down at $34,000. At the same time, XRP and a few other altcoins exploded in value and reduced Bitcoin’s dominance to 62.5% while Uniswap’s UNI token hit $20. Over the past few days, the market was in an interesting mood because of the retail-driven hype for DOGE and Elon Musk-related developments, XRP got an impressive growth over the past 24hours.
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Ripple responded to the SEC charges as well and said that the US agencies already determined that the token is a store of value, a unit of account, and a medium of exchange, not security. The asset’s price doubled in the next few hours to a new high of $0.52. although XRP retraced to $0.45 at the time of writing, the coin is up 50% on a 24-hour scale but the gains also pushed the coin to overtake Polkadot as the 4^th biggest cryptocurrency by market cap.

Stellar enjoyed an increase as well of over 10% and has returned to the top 10 after surpassing Binance Coin. Bitcoin Cash, Ethereum, Chainlink, Cardano, Litecoin, Polkadot are all in the green. More gains were evident from Voyager Token as it increased 50%, 1inch 41%, Curve DAO 32%, and Uniswap 25%. The total market cap managed to remain above the $1 trillion marks while BTC stalled at $34K.

Bitcoin’s dominance continues decreasing while other coins are showing some strong fluctuations in the past 24hours with the main cryptocurrency remaining calm. BTC initiated a strong leg up after it gained almost $7000 of value in the next few hours following Twitter’s change in Bio on Elon Musk’s profile. The asset retraced and dropped to $34,000. In the past 24hours, BTC was stuck in a range from $33,000 to $35,000 and the altcoins managed to reduce its dominance to 62.5%. a few days ago, the metric comparing BTC’s market cap and the rest of the altcoins was at 64%.

The technical indicators suggested that BTC has to overcome the resistnace levels of $34,000 and $34,450 to resume the bull run. The support levels at $33,000 and $32,500 could contain another retracement.