The past 24 hours have seen Bitcoin price try to shoot out at $31K and maintain its dominance over the rest of the market.
It should be noted that some altcoins have performed incredibly well, with gains close to 30%. Let’s dig deeper.
Bitcoin price is $31,000
like Potato encryption As reported yesterday, the bitcoin price surged to $31k, triggering a wave of liquidations totaling $100m.
It’s worth noting that Bitcoin’s dominance – the metric that measures its share relative to the rest of the market – has also gone up. This shows that the underlying cryptocurrency has been doing much better compared to the altcoins.
Unfortunately for the bulls, they were unable to sustain the price above $31K. The sellers stepped in and pushed it below that level to where it currently trades around $31,600.
Bitcoin Cash (BCH) is driving the payment of Altcoins
Bitcoin Cash (BCH) is the best performer today by a long shot. The cryptocurrency is up 30% in the past 24 hours alone, adding to its total gain of over 70% for the week.
In second place is Bitcoin SV (BSV), which is up more than 21% on the day and more than 44% on the week. Ethereum Classic (ETC) is right behind them with a daily gain of 11.4%.
As shown in the heat map, most of the market is trading nicely in the green. Litecoin (LTC) gained a total of 5.4%, followed by Polkadot (DOT), and then Solana (SOL).
Maker (MKR) is the worst performer today, down about 4.6%. SUI, Optimism (OP), Conflux (CFX), and Injective (INJ) were also down about 3% each.
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Cryptocurrency charts by TradingView.
