Bitcoin Attempts $31K But Struggles to Stay

Bitcoin Attempts $31K But Struggles to Stay

Over the past 24 hours, Bitcoin’s price attempted to reach $31K and maintained its dominance over the rest of the market. However, the bulls were unable to sustain the price above $31K, and sellers pushed it below this level to where it currently trades at around $31,600. It’s worth noting that Bitcoin’s dominance, which tracks its share relative to that of the rest of the market, is also up. This signifies that the primary cryptocurrency has been performing a lot better compared to altcoins.

Some altcoins, on the other hand, performed incredibly well, charting gains close to 30%. Bitcoin Cash (BCH) is today’s best performer, up 30% in the past 24 hours alone, adding to its total gains of more than 70% for the week. Bitcoin SV (BSV) is a close second with over 21% gains during the day and over 44% gains during the week. Ethereum Classic (ETC) follows with 11.4% daily gains.

The Green Market Heatmap

As seen in the heatmap, most of the market is trading well in the green. Litecoin (LTC) increased by a total of 5.4%, followed by Polkadot (DOT) and Solana (SOL). Maker (MKR) is today’s worst performer, down about 4.6%. SUI, Optimism (OP), Conflux (CFX), and Injective (INJ) are also down by about 3% each.

The Attempt at $31K

Yesterday, Bitcoin’s price soared to $31K, sparking a wave of liquidations totaling upward of $100 million. However, the attempt at $31K was short-lived as sellers stepped in and pushed the price below this level. Despite this setback, Bitcoin maintains its dominance over the market.

The Future of Bitcoin and Altcoins

The market’s recent performance shows that Bitcoin is still the dominant cryptocurrency, with altcoins struggling to keep up. However, with some altcoins charting significant gains, it’s clear that the market is still unpredictable and volatile. As such, investors should continue to exercise caution and keep a close eye on the market’s movements. The future of Bitcoin and altcoins remains uncertain, but one thing is for sure: the crypto market is always full of surprises.


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