Bitcoin and Altcoins Gather Momentum, Stablecoins Slightly Declines

The cryptocurrency market might gradually be making progress to a better state sooner than expected. Bitcoin is eyeing the $34k mark again as it slightly spikes up in value alongside altcoins. The top-three stablecoins have gone down slightly amidst a general market pump. 

Bitcoin has gained 0.70 percent in a 24 hour time frame and currently sits at $33.923. It earlier fell from a slight peak a little above $35k to the $34k zone. Bitcoin has been trading in between short-term bulls and bears and it’d be interesting to see the next outcome. 

Source: ByBit

Ethereum on the other took a more obvious leap by 3.37 percent to $2,295 today. The crypto asset has a lot it wants to unveil and has been developing. The ETH 2.0 migration is within reach and the London hard fork upgrade is on its tail and would be launched in due time. 

CoinMarketCap indicates the Cardano to have gained 0.4 percent and Binance Coin increasing by 5.64 percent. Ripple gained half a percent while Uniswap and PancakeSwap gained in double digits.

The top three stablecoins Tether’s USDT, Circle’s USDC, and Binance’s BUSD all recorded slight declines between 0.051 percent to 0.065.

Is Bitcoin Dominance at Risk? 

Judging from the reliance being noticed on the part of most altcoins against the leading crypto asset, it is likely that BTC is wearing out its influence. Thedechained.com earlier reported on Ethereum’s growth and the possibility of it overtaking Bitcoin. 

In reality, Bitcoin is generally reputed to be a good store of value. However, that is all there is. Altcoins like Ethereum and BNB are blockchains that fulfill the everyday use of cryptocurrencies, functioning both as a store of value and a functional network.

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