Bitcoin experienced some enhanced volatility yesterday when it was rejected at $97,500 and pushed south hard by three grand in hours before it settled at just over $95,000.
In contrast, numerous altcoins have outperformed, charting mindblowing surges, such as ADA, AVAX, TRX, LINK, HBAR, and many others.
BTC Stalls at $95K
It was just a week ago when the primary cryptocurrency slumped hard and fell below $91,000, which became its most violent correction since the Trump-induced rally started in early November. However, the asset didn’t stay there for long and started to recover ground in the following days.
The weekly peak came on Friday as BTC neared $99,000. Nevertheless, the bears managed to defend that level and pushed bitcoin down to approximately $96,500 during the weekend. Monday morning started with a surge to $98,000 but that was short-lived as BTC plunged to $95,000 almost immediately.
Another rollercoaster followed suit with bitcoin jumping to $97,500 before it was driven south once again to $94,500. Despite its recovery attempts since then, BTC now trades just inches above $95,000.
This decline means that BTC’s market cap has remained below $1.9 trillion, but its dominance over the alts has been pushed south hard. The metric is down to just 52% after peaking at nearly 60% weeks ago, according to CoinGecko.
Bitcoin/Price/Chart 3.12.2024. Source: TradingView These Alts Do Good
The past few days belonged to XRP and yesterday was no exception as the asset skyrocketed by another 25% at one point and neared $3 for the first time in almost seven years. Although it has retraced since then to $2.6, its market cap of $150 billion still places it as the third-largest cryptocurrency by that metric.
Other massive gainers over the past 24 hours include ADA, which has soared by 17%, AVAX (11%), TRX (14%), DOT (16%), LINK (27%), SUI (15%), HBAR (42%), and quite a few others.
The total crypto market cap has gained $70 billion since yesterday as it has all gone to the alts. The metric is above $3.6 trillion once again.
Cryptocurrency Market Overview. Source: QuantifyCrypto
The post These Altcoins Take Center Stage With Massive Gains as BTC Stalls at $95K (Market Watch) appeared first on CryptoPotato.
