RATE Group | Bitcoin loses dominance as altcoins defy gravity
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Bitcoin loses dominance as altcoins defy gravity

15 Jan Bitcoin loses dominance as altcoins defy gravity

Posted at 13:52h in Cryptocurrency News by

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  • Bitcoin bulls set eyes on a critical resistance of $9,000.
  • Ethereum and Ripple consolidate earlier gains amid strong bullish market.

The cryptocurrency market is controlled by bulls. Despite the retreat from the recent highs, Bitcoin and all major altcoins are well-positioned for an extended recovery on a wave of speculative buying, intensified by FOMO (fear of missing out) phenomenon. The cryptocurrency market capitalization increased to $241 billion, while an average daily trading volume nearly doubled from this time on Tuesday and reached $176 billion. Bitcoin’s market dominance has retreated to 65.8%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization hit the intraday high at $8,900 during early Asian hours and retreated to $8,757 by press time. The coin has gained over 2.5% on a day-to-day basis stayed unchanged since the beginning of Tuesday. Despite the retreat, BTC/USD is still trading above critical $8,500, reinforced by…

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