RATE Group | Bitcoin (BTC) bulls lose initiative; altcoins drive the market higher
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Bitcoin (BTC) bulls lose initiative; altcoins drive the market higher

21 Jan Bitcoin (BTC) bulls lose initiative; altcoins drive the market higher

Posted at 14:48h in Cryptocurrency News by

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  • Bitcoin has been losing its market share recently.
  • Bitcoin SV retains the position of the best-performing altcoin out of top-20.

Cryptocurrency market is dominated by altcoins. Most major coins are in a green zone with Bitcoin SV and Etherum Classic among the growth leaders. The cryptocurrency market capitalization marginally increased to $238 billion, while an average daily trading volume reduced to $94 billion. Bitcoin’s market dominance settled at 65.8%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization has been hovering around $8,600 area since Monday as the market cannot decide where to go next. The coin has been locked in a tight range limited by SMA100 1-hour at $8,700 and the lower line of 1-hour Bollinger Band on approach to $8,600.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum hit the low of $161.11 on January 20 only to recover back to $168.04 by the time of writing. The upside move was in line with…

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