Bitcoin made an attempt to break the $31,000 level in the past 24 hours, showcasing its dominance in the market. However, the cryptocurrency failed to sustain its position above this key level. Meanwhile, several altcoins delivered remarkable performances, with one standout performer, Bitcoin Cash (BCH), surging by an impressive 30%.
Bitcoin’s Price Attempt at $31K
Bitcoin’s price surge to $31,000 sparked a wave of liquidations totalling over $100 million, as reported by CryptoPotato. Additionally, Bitcoin’s dominance, which measures its market share relative to other cryptocurrencies, has also increased. This indicates that Bitcoin has outperformed many altcoins during this period.
However, despite the initial breakthrough, the bulls were unable to sustain Bitcoin’s price above $31,000. Sellers entered the market, pushing the price below this level. Currently, Bitcoin is trading around $31,600.
Bitcoin Cash (BCH) Leads Altcoin Rally
Among the altcoins, Bitcoin Cash (BCH) has shown outstanding performance, surpassing all others. The cryptocurrency has surged by an impressive 30% in the past 24 hours alone, contributing to its total gains of over 70% for the week.
Following closely behind is Bitcoin SV (BSV), which has recorded a daily increase of over 21% and a weekly gain of over 44%. Ethereum Classic (ETC) follows suit with a daily gain of 11.4%. The heatmap illustrates that most of the market is trading positively, with Litecoin (LTC) recording a total increase of 5.4%, followed by Polkadot (DOT) and Solana (SOL).
On the other hand, Maker (MKR) has been the worst performer of the day, experiencing a decline of about 4.6%. SUI, Optimism (OP), Conflux (CFX), and Injective (INJ) also registered losses of approximately 3% each.
Altcoin Market Highlights
While Bitcoin has struggled to maintain its position above $31,000, altcoins have shown resilience and significant gains. Bitcoin Cash (BCH) stands out as the top performer, experiencing remarkable growth. Its surge reflects the ongoing interest and confidence in the altcoin market.
The altcoin market continues to exhibit volatility, with various cryptocurrencies showcasing both positive and negative movements. Market participants will closely monitor these developments to gauge the potential direction of the overall market.
Bitcoin made an impressive attempt to break the $31,000 level but ultimately failed to sustain its position. However, the altcoin market has shown strength, led by Bitcoin Cash (BCH) with its remarkable 30% surge. These market dynamics highlight the ever-changing nature of the cryptocurrency space, with investors closely watching for further developments and opportunities.
