Cardano (ADA) Targets $1 as Bitcoin Dominance Plunges Below 61%

2021-02-12 08:00:00

Bitcoin’s dominance continues to suffer and has dropped beneath 61% once more as the asset has stalled around $45,000. In contrast, numerous altcoins have spiked, including a new 3-year high of Cardano as ADA has neared $1.

Bitcoin Stagnates Around $45K

The primary cryptocurrency registered its largest green candle in history on Monday upon news that Elon Musk’s Tesla had purchased $1.5 billion in BTC. This development drove the cryptocurrency to a new all-time high at above $48,000.

However, bitcoin has failed to sustain its price at such a high level in the following days. Just the opposite, BTC started to gradually decrease in value, which resulted in a few dips beneath $44,000.

After the last one, bitcoin bounced off rather sharply and went to an intraday high of about $45,600 yesterday. Nevertheless, the bears didn’t allow any further increases and drove BTC to its current level around $45,000.

The technical indicators suggest that this particular level is BTC’s first support line in case of another price breakdown. Should the asset indeed drop below it again, it can find additional support at $44,415, $44,000, and $42,000.

Alternatively, bitcoin’s first major obstacles on its way up are at $47,350 and the all-time high of $48,215.

BTC/USD, Bitstamp. Source: TradingView

Cardano Nears $1 As Rising Alts Reduce BTC Dominance

Most alternative coins have been on a roll lately, perhaps led by Binance Coin’s surge of 260% in less than two weeks to above $145. However, some have also stalled or slightly retraced since yesterday.

Ethereum is 4% down to below $1,750. Bitcoin Cash (-1.3%), Chainlink (-2%), Litecoin (-4%), and BNB (-17%) are also well in the red.

Cardano is the most impressive gainer from the top 10 with a 15% surge. As a result, ADA has arrived at a new 3-year high and has come less than 10% away from reaching $1.

cryptomarket_overview
Cryptocurrency Market Overview. Source: Quantify Crypto

Lower and mid-cap altcoins have displayed even more significant gains. Status leads with a 55% surge, followed by Qtum (51%), ICON (48%), and IOTA (43%). Other representatives of the double-digit price increase club include Avalanche (27%), Kyber Network (27%), The Graph (26%), Celo (21%), Ontology (20%), and more.

Ultimately, the rising altcoins have reduced BTC’s dominance over the market to 60.8%. During the price surge on Monday, the metric had increased to above 64%.

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Cryptocurrency charts by TradingView.

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