Bitcoin Stalls Below $39K As Polkadot Surges to $15 And Becomes 4th Largest Crypto (Market Watch)

Bitcoin has failed to break above $40,000 again and has stalled beneath $39,000. The altcoin situation is significantly more volatile, with Ethereum jumping north of $1,200 and Polkadot surpassing XRP as the fourth-largest crypto following a 30% surge.

ETH Above $1,200, DOT Takes The 4th Spot

The alternative coins demonstrated high volatility levels in the past week, with massive drops during the Black Monday crash and rapid recovery sessions in the days that followed.

Most large-cap ones have remained relatively calm on a 24-hour scale, though. Ripple and Litecoin have marked minor losses, while Binance Coin (2%), Cardano (2%), and Bitcoin Cash (1.7%) are slightly in the green.

On the other hand, Ethereum has jumped by 6% to $1,230. Thus, ETH has come 18% away from charting a fresh all-time high above $1,450.

Chainlink also came inches away from its record price after a 16% surge to north of $18. Nevertheless, Polkadot is the most significant gainer from the top ten with an impressive 30% price jump to a new ATH of nearly $15 (on Binance).

Moreover, DOT surpassed XRP in terms of market cap, according to data from CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from lower- and mid-cap altcoins. HedgeTrade has seen the largest pump of 210% to over $2. On a weekly scale, HEDG is more than 320% up.

Voyager Token (62%), Curve Dao Token (40%), IOST (34%), Ren (25%), Cosmos (22%), SushiSwap (16%), Uniswap (14%), ABBC Coin (12%), and Bancor (12%) follow.

The total market cap has remained above the coveted $1 trillion mark.

Bitcoin Stalls Below $39K

Bitcoin also went through a highly-volatile week that saw a $12,000 price drop on Monday and a subsequent recovery that led to BTC touching $40,000 just yesterday.

However, the primary cryptocurrency failed to maintain above that level and slipped to an intraday low of $37,600 a few hours ago. Although BTC added a few hundred dollars of value since then, it still trades beneath $39,000.

BTC’s inability to spike above $40,000 has enabled the rising altcoins to reduce bitcoin’s dominance to 68.3% from about 69% yesterday.

The technical indicators suggest that bitcoin could chart a new ATH if it breaks above the resistance lines situated at $40,000, $40,775, $41,000, and the current record – $42,000.

Alternatively, the support levels at $38,000, $37,150, and $36,000 could assist in case of another retracement.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingViewTitle: Bitcoin Stalls Below $39K As Polkadot Surges to $15 And Becomes 4th Largest Crypto (Market Watch)
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Published Date: Fri, 15 Jan 2021 15:01:20 +0000

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