How is Bitcoin Actually Faring Right Now?

The cryptocurrency segment continues to be two-faced, with the relative strength of Bitcoin showing stark contrast compared to the broad weakness in altcoins. Selling pressure is still apparent across the board, with a few smaller coins somewhat defying the dominant trend, and most of the majors are trading near their August lows, as the market is trying to establish a more durable bottom.

Thanks to the divergence, and especially the persistent weakness in Ethereum and Ripple, Bitcoin’s dominance is on a new year-to-date high again, passing the 56% mark for the first time since December. The total value of the market is stuck below the $200 billion mark, despite Bitcoin’s stability, as the restructuring of the market continues. Correlations are still very high between the largest coins, as bearish market conditions persist, and we expect a rise in volatility in the following the relatively calm weekend.

BTC/USD, 4-Hour Chart Analysis

Bitcoin held up above the…