The price of bitcoin has seen a further rise in the past 24 hours and briefly exceeded $ 57,000 for the first time in five months. Most alternative coins seem left behind as BTC’s dominance continues to increase.
Bitcoin hit $ 57,000
It’s safe to say that BTC has returned to its bullish path after recovering from its declines of less than $ 41,000 two weeks ago. In the days that followed, the cryptocurrency added a significant chunk of value, broke above $50,000 for the first time in a month, and only kept climbing.
It topped $ 56,000, which became a new high since the mid-May crisis, but was originally stopped there yesterday. In fact, the bears pushed it down hard as bitcoin fell below $54,500.
However, this decline appeared short-lived. BTC has started to rise again and hit a new five-month high at just over $ 57,000 a few hours ago. As of now, though, it has failed to remain there and has retraced by several hundred dollars.
Its market capitalization is well over $ 1.050 billion. Furthermore, the dominance over the altcoins reached 46% earlier today as most of them have stalled.
Altcoins left behind for BTC account
While bitcoin has been on the run lately, most alternative coins haven’t been able to follow suit. Ethereum recovered from the late-September crash but remained stuck at around $3,600. For the past 24 hours, it has stood there again after an unsuccessful attempt to soar.
Binance Coin, Solana, Polkadot, Cardano, Ripple, and Avalanche have marked minor losses against the dollar, while DOGE, LUNA, and UNI have dropped even more.
When examining the performance of these alts relative to BTC, the situation for them is even bleaker, which has led to the rise of the aforementioned bitcoin dominance.
Even not many lower- and mid-cap alts have charted massive gains. DYDX and Ren are among the few exceptions with similar increases of 10%.
Nevertheless, the crypto market cap has added around $70 billion from yesterday’s low and stands at $2.350 trillion now.
