July 13, 2024

Bitcoin starts week near record highs, but its dominance is in jeopardy

At its morning peak, bitcoin’s price jumped to $66,400 around 09:00 GMT, edging close to its all-time high of $66,970 set last month. Overall, bitcoin has so far gained 8% in 24 hours.

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Despite these gains and the recent launch of bitcoin futures-based exchange-traded funds (ETFs) in the US, bitcoin’s dominance on the crypto market is dwindling, analysts say, as alternative tokens, or altcoins, attract more investors.

The second-biggest cryptocurrency, ether, set a record of $4,740 per coin on Monday, with a 4.7% increase overnight and a 57% gain since the start of October. Litecoin, dogecoin, cardano and XPR all started the week up, as did many smaller tokens, like internet computer (ICP) and cosmos (ATOM). 

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Still, it is widely known that altcoin rallies always follow bitcoin gains, and some analysts predict a rally toward $70,000 per bitcoin, as historically it does well in the fourth quarter.

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Article source: https://www.rt.com/business/539638-bitcoin-dominance-dwindles-litecoins-up/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

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