link-paints-fresh-ath-above-$9-while-btc-dominance-bleeds-(market-watch)

LINK Paints Fresh ATH Above $9 While BTC Dominance Bleeds (Market Watch)

Green dominates most of the cryptocurrency market with some impressive gains from Ripple, Tezos, and Chainlink as LINK even marked a fresh all-time high. Bitcoin’s unsuccessful attempt to conquer $11,500 has pushed the asset down to $11,300

Altcoins Rejoice, LINK ATH

Speculations for а revived altcoin season emerged today as the majority of alts have increased their value in the past 24 hours. The second-largest cryptocurrency market continued its impressive 2020 summer with another 2% increase, and Ether now trades at $392. It’s worth noting that the Ethereum 2.0 Medalla testnet should arrive today, which could prompt further price actions for the native cryptocurrency.

Ripple’s performance lately has also been quite positive. Apart from overtaking Tether as the third-largest digital asset by market cap, XRP has surged by over 80% in less than a month. In the past 24 hours alone, XRP pumped by 5% to above $0.31.

Bitcoin SV, Cardano, and Binance Coin also marked substantial gains from the top 10 coins by market cap. ADA went up by 2.5%, while BSV and BNB jumped by 4.2% to $229 and $22, respectively. The 6% increase registered by Tezos has pushed XTZ above the coveted $3 level (currently sitting at $3.15).

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

However, no large-cap altcoin has been more impressive in the past 24 hours than Chainlink. LINK’s price surge of 14% has propelled the asset back into the top 10 after registering a new all-time high of $9.54 (on Binance).

Other impressive gainers from lower-cap alts include The Midas Touch Gold (35%), MCO (30%), Ocean Protocol (15%), Ren (14.64%), and Reserve Rights (14%). In contrast, Ampleforth dropped by 15%, Celsius by 7%, and Aave by 4.2%.

What About Bitcoin?

And while some altcoins have been fluctuating massively, the primary cryptocurrency performed less volatile. Bitcoin was trading at about $11,200 yesterday and attempted to break above the $11,400-$11,450 resistance.

Although it seemed successful at first, the bears quickly took charge and drove the asset below $11,200. BTC regained some strength since then, and it sits at $11,300 at the time of this writing.

BTCUSD 5m. Source: TradingView
BTCUSD 5m. Source: TradingView

Consequently, Bitcoin’s dominance continues to suffer. The altcoins seem in a stronger position in the past few days, ever since BTC failed to sustain its bull run to above $12,000. On July 30th, the metric comparing the total market cap of Bitcoin against all other coins reached 63%. Earlier today, it dropped to 60.4 and remains to be seen if the dominance will dip below 60% – a level not registered in over a year.

Bitcoin Dominance. Source: CoinMarketCap
Bitcoin Dominance. Source: CoinMarketCap

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