Bitcoin has been on a pendulum swing in the past weeks. The leading digital currency has steadily moved $30k to $35k and back repeatedly. In the latest development, BTC rose by 9 percent from $33,200.
Yesterday, Bitcoin went down to $30,860. This occurred after it traded over $35,000 for a while on June 24th. Within weekends, the crypto asset is speculated not to be at its best; however, the reverse was the case this weekend. Altcoins once again took after Bitcoin in the short bullish gain, with some recording double-digit increases.
The second leading digital asset Ethereum gathered a 7.5 percent increase in 24 hours. Binance Coin (BNB) is currently valued at $280, indicating a 5.3 percent increase. Cardano also went up by 6.26 percent and Dogecoin by 12 percent.
These short-term gains do not do away with the fact that the cryptocurrency market is at a loss over the week. Bitcoin is calculated to be down by six percent over the week and Ethereum by 15 percent. Cardano and Dogecoin went down by eight percent and 12 percent respectively.
Why do Altcoins Always React to BTC’s Price Movements?
Indeed, bad news for Bitcoin ultimately becomes bad news for other digital assets. These alternative currencies are always quick to rest to Bitcoin Price movements, thereby making a bullish BTC signal nearly obtainable with an altcoin.
Bitcoin is considered to be a more stable store of value amongst other digital assets. Altcoins Suffer if crypto, believed to be the most stable, is declining. Aside from being the foremost and most popular cryptocurrency, BTC is the largest by market cap.
At the moment, Bitcoin’s market dominance stands at 44.38 percent against other cryptocurrencies. The crypto asset is taking to the bears as hashrates diminish following the closure of mining facilities in China by its government.