Tuesday, December 5, 2023

Market Watch April 20: Bitcoin sees strong recovery, expected to test more upside

Bitcoin reclaimed the $41,000 mark with a swift recovery gaining 1.66% in the last 24-hours. But crypto experts say Bitcoin’s dominance of the overall market capitalization has remained almost at the same level as it was four years ago.

Jameson Lopp, the chief technology officer of Casa, highlighted that Bitcoin dominance in April 2018 was at 42% with approximately 1,500 altcoins in existence at the time. In the present times of 2022, the popular crypto is now competing with more than 15,000 altcoins. Moreover, data says that despite the increased competition, Bitcoin’s price is up by about 350% during the same period. A crypto enthusiast said not one of the so-called shitcoins can effectively challenge dominance. And it’s just a matter of time before it becomes obvious to all.

At the time of writing this article, Bitcoin was trading at $41,349, as per data from CoinMarketCap. BTC indicated substantial volatility over the last 24-hours as it traded in the $40,244 – $41,672 range. Trading volume spiked by 2.36%, with a total of $29.145 billion. BTC is now at the $41,500 mark, a previous local high. Over the next few hours, Bitcoin may either take an upside or slip downside. Overall, Bitcoin’s price analysis is bullish and there is a strong push higher above the previous local.

Ethereum has gained 1.53% in the last 24-hours and is trading at $3,086. Of the altcoins, Solana is the biggest gainer. SOL is up by nearly 7% and changing hands at $108.59. Avalanche is up by 2.97%, Cardano by 1.29% and Terra LUNA has gained nearly 5%. Ripple’s XRP is the biggest loser. It is down by 0.37% in the last 24-hours.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

Most Popular