An overview of the cryptocurrency market Thursday, March 11
Bitcoin, which was close to the last record set at around $ 1,000, was once again rejected and fell below $ 56,000. However, minor corrections among the Altcoins allowed BTC to regain some of its lost dominance in the market.
Bitcoin was only 2% away from its latest record
Over the past few days, the market's top cryptocurrency has been on the rise after falling to $ 47,000. On the other hand, as organizations became more interested in Bitcoin, its price rose.
The incident hit the $ 50,000 level again, but the cows did not stop at that level, pushing the cryptocurrency to its two-week high of about $ 57,000. According to data released by Bitstamp, the highest daily BTC rate yesterday was around $ 57,400. At this time, the distance between Bitcoin and its highest price level reached about $ 1,000 (1.75%). However, the currency failed to defend this level and reached the current level of $ 55647 following the latest price corrections.
What is remarkable is that the bitcoin market capitalization currently remains well above the $ 1 trillion mark.
Increasing bitcoin dominance
The value of more replacement coins increased with their leader. These developments led Atrium to cross the $ 1,800 mark with a $ 400 increase in one day. However, ETH has fallen slightly since yesterday and is below this sensitive level.
Cardano (-5%), Polkadot (-5%), Ripple (-5.2%), Chainlink (-5.8%) and Uniswap (-5%) have lost some of their value in the last 24 hours.
Binance Coin and Litecoin remain almost unchanged, trading at around $ 275 and $ 195, respectively.
As expected, the situation has been significantly more volatile among low and medium market value altcoins. Meanwhile, Theta Fuel had the best performance with 50% growth. It is followed by Hedera Hashgraph (25%), THETA (19%), Basic Attention Token (15%), Zilliqa (12%) and Bitcoin Gold (11%).
Polygon, on the other hand, fell 10 percent, the biggest drop since yesterday. Avalanche (-9%), Decentraland (-9%), Fantom (-6.5%) and PancakeSwap (-6%) are also in the next ranks.
The relative cessation of large market altcoins has helped bitcoin reassert its dominance in the cryptocurrency market. Thus, the benchmark for comparing the market value of BTC with other altcoins has reached above 61%.