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ETH Soars 15% While Bitcoin’s Dominance Drops Below 70%

12/29/2020

ETH soars 15% while Bitcoin’s dominance drops below the 70% and its price stalls at $27,000 as other altcoins explode alongside it so let’s read more in today’s altcoin news.

After another volatile weekend, the trading day consisting of a few all-time highs above $28,000 and a strong rejection back, include a drop below $26,000 as BTC calmed and is trading safely close to $27,000. Most altcoins joined the party with some making double-digit gains including Ethereum breaking north of the $700 price point and even recorded a daily high of $740 which is the highest one of 2020. ETH soars 15% while Bitcoin’s dominance drops continued with its remarkable performance during this year’s Holiday season a day ago.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

After charting all-time highs these past days above $27,000 on the days before, BTC headed towards a new milestone to $28,000. It didn’t take long for the crypto to break above and the run saw BTC painting the latest all-time high of $28,400 and it is also impressive to see that BTC was trading at $10,000 during October.

The community started speculating on the next major obstacle of $30,000 with the bulls taking charge. In the following few hours, BTC dumped by about $2000 to a daily low below $26,000 but the asset then recovered some of the losses and it hovers around $27,000. From a technical perspective, the first support levels are set at $26,850, $26,500, and $25,700 which could assist in a case of a new price breakdown.

eth/usd
Source ETHUSD on TradingView.com

The altcoin market was following Bitcoin’s latest run and its dominance surged to a new yearly high of 72%. Most altcoins awakened in the past 24 hours with some strong gains which led to the BTC dominance fall by 70%. Ethereum is among the most impressive performers with a 15% surge on a 24hour scale but it overcomes the $700 price tag by reaching the highest level since 2018 which is $738.

Chainlink added some gains as well and traded to above $12.5, BTC increased by 4%, Binance coin by 3.5%, Polkadot by 4.5%, and Cardano by 2.25%. LTC and XRP have lost the most value with the first losing 3% and the second 5%. Ocean Protocol, on the other hand, increased by 13%, THorChain by 10%, AAve by 10%, Uniswap by 9.5%, and Kusama by 9%.