Bitcoin is approaching $ 23,000, while most cryptocurrencies are in the Yesil field. However, altcoins are in a difficult position against Bitcoin. Bitcoin dominance was over 65% at the time of writing.
Bitcoin’s incredible daily rise to a record high of over $ 20,000 has left most alternative money behind its leaders, as many have struggled against the value of BTC. Bitcoin’s dominance over the market has risen to 65%, while its entire market value has risen by $ 75 billion in one day.
Bitcoin Price Trades Above $ 22,000
After consolidating for several days around the $ 19,000 price, the leading cryptocurrency launched a rally yesterday. BTC raised over $ 20,000 for the first time in its history. The price move has sparked huge investor interest, which has led to temporary severe disruptions in some of the most popular cryptocurrency exchanges, such as Binance and Coinbase.
Although everyone thought Bitcoin would fall after breaking $ 20,000, the leading cryptocurrency continued its magical climb, breaking three more milestones: $ 21,000, $ 22,000 and $ 23,000.
Altcoins In Trouble
In the cryptocurrency market, most altcoins took advantage and followed BTC upward. However, although they have recorded impressive gains against the US dollar, they have lagged significantly, according to BTC.
As the red chart below shows, XRP is among the few cryptocurrencies that actually value against Bitcoin (6%). The rest of the top ten cryptocurrencies, including Ethereum, Bitcoin Cash, Binance Coin, Cardano, Litecoin, Chainlink and Polkadot, depreciated between 3% and 9% compared to BTC.
As a result, Bitcoin’s dominance over the market has increased to 65%. That means 2% expansion in one day and 5% expansion in three weeks.
The fact that bitcoin has so far outpaced altcoins has caused altcoin investors in the cryptocurrency community to worry. Analysts say there should be no rush to invest in altcoin.