For the time being, it looks like an altcoin season. Bitcoin (BTC) dominance continues to decline today as the total market cap of all cryptocurrencies is now hitting nearly $ 2.2 trillion.
Initially, yesterday we saw the bitcoin price move mainly sideways around $ 54,500, but later in the day the price started to decline again. At the end of the day, bitcoin fell twice to $ 52,500, forming what is known as a double bottom.
That could be a good sign, and bitcoin has recovered towards $ 54,500 overnight. Despite the fact that the price is now forming an upward pattern, the question remains whether bitcoin can climb out of this range. There are considerable obstacles around $ 55,500 and $ 57,000.
The price of ethereum (ETH) is increasingly disconnecting from bitcoin, hitting a new all-time high (ATH) of $ 2,800 yesterday afternoon. This record was equaled again a few hours later, but the ether price then made a similar movement as bitcoin down.
Two times, ether bounced at USD 2,700 and the price has now almost reverted to its ATH of USD 2,800. It is therefore very possible that the record will be broken again today. Ether is more than 50% in the plus this month.
Today we also see some altcoins rise that already did well this week. For example, pancakeswap (CAKE) is now almost 9% in the plus, polygon (MATIC) more than 10%, ripple (XRP) almost 11%, and waves (WAVES) even 16%.
In contrast, we also see some tokens that did well this week are now in the red, especially DeFi tokens and NFTs such as maker (MKR), uniswap (UNI), decentraland (MANA) and chiliz (CHZ). Fantom is 7% in the negative today, but still almost 100% in the plus this week.
The strongest risers today are the so-called exchange tokens, which are the crypto issued by crypto exchanges such as Binance, KuCoin, OKEx and Huobi. We see the Binance Coin (BNB) rising again at 8.5%, KuCoin Token (KCS) at 12.5%, OKB (OKB) at 21.5% and the Huobi Token (HT) is the winner today with an increase of 28%.