Bitcoin's dominance fell to 61.9%, its weakest level in five months. The digital asset remained trapped in a narrow band since hitting resistance at $10,400 and retreating to $9,000. Traders are watch
Bitcoin's dominance fell to 61.9%, its weakest level in five months. The digital asset remained trapped in a narrow band since hitting resistance at $10,400 and retreating to $9,000. Traders are watching for a break above $9,300 as the next test.
Alternative coins drew increased interest as Bitcoin stalled. Cardano, Stellar, and Tezos all surged over the past 30 days. Chainlink hit a new all-time high. As these tokens climbed, their collective market value rose while Bitcoin's fell, compressing the dominance index that represents Bitcoin's share of the total crypto market. CoinMarketCap data shows Bitcoin holds 61.9% dominance, the lowest reading in five months.
In the past 24 hours, Bitcoin rose 0.45%. Ethereum, Ripple, Bitcoin Cash, and Litecoin offered little improvement. The gainers came from smaller names. EOS posted 3.5%. IOTA climbed 4.3%. Ethereum Classic added 2.8%. Bitcoin Diamond jumped 5.9%.
Within the top 10, Binance Coin showed the most upside, rising over 4%, though several small-cap coins and tokens delivered double and triple-digit returns. DeFi assets led the broader charge. Aave soared 15.4% in 24 hours. Synthetix Network gained 8.35%. Maker added 5%. Curve Finance climbed 22.6%, according to DeFi Pulse.
Binance CEO Changpeng Zhao told Bloomberg he anticipated a Bitcoin breakout. "I think sooner or later it's going to break out," he said. "But right now Bitcoin has been really stable."
Santiment, a crypto analytics platform, blamed the stall on low token circulation. The firm's network value to transaction ratio (which compares a blockchain's market value to its trading volume) reached a new nadir. The price chart, however, displays a bearish divergence, signaling possible weakness as the metric hit fresh extremes.
Bitcoin would need to clear $9,300 and recapture some of the billions lost from the crypto market over the prior two weeks to shift momentum.
