Bitcoin Attempted $10,000 Level Again As Altcoins Regain Strength

Bitcoin attempted the $10,000 level again as the price already reached $9,960 on Binance while most altcoins are aiming to regain their strength as they try to acquire more than 1% of the Bitcoin dominance in the past days. In our Bitcoin news today, we find out more about the price analysis.

The high volatility doesn’t seem to fade away on the markets as Bitcoin made another attempt to reach the $10,000 level less than a few hours ago. The price reached $9,960 on Binance right before retracing to where it trades at around $9,800. Bitcoin increased by $500 in the past two days as it was trading around $9,300 on May 16^th. If Bitcoin successfully retakes the resistance around $9,800, the next target level would be $10,000.

Over the past few weeks, the price of Bitcoin was surging but the altcoins failed to realize any important gains. As such, Bitcoin’s dominance which measures the strength relative to the overall crypto market skyrocketed at around 68% on May 15^th. At the time of writing, the index reached 67% which means that in the last three days alone, the altcoins managed to acquire more than 1% off of the BTC capitalization.

As Bitcoin attempted the $10,000 region, every single larger-cap cryptocurrency from the top 10 is trading in the green. Over the past 24 hours, Ethereum increased by 6%, Bitcoin cash by 5%, Cardano by 5.1%, Bitcoin SV by 6.7% while the rest made smaller gains between 2% and 5%. Interestingly enough, most of the altcoins have realized profits once they started trading against BTC in the last 24 hours. As seen in the charts, half of the cryptocurrencies are in the green against BTC. This is a notable change in the market behavior because almost all of the altcoins were bleeding against the benchmark cryptocurrency every time BTC made a move.

Since the lows of $3,700, Bitcoin performed well and managed to shake off the fears of recession and depression. The benchmark cryptocurrency exploded higher from the $3,700 to $10,000 level outpacing every other asset class during the process. BTC breached the key support level but there are growing signs that the miners signed their capitulation and they are forced to turn off their machines or sell their coins.