Bitcoin (BTC) is still trading in the $19,000-$21,900 range this week.Meanwhile, Bitcoin dominance is still on the decline at 43.2 percent.Bitcoin (BTC) failed to confirm the breakout above USD 21,900 last Friday and slipped back into its trading range of the past weeks between USD 19,000 and USD 21,900.The false breakout saw BTC price continue to correct over the weekend.
Today, Tuesday, July 12, the crypto currency corrected to the support at USD 19,524 before stabilizing slightly.Bitcoin is thus trading again in the area of the psychologically important USD 20,000 mark.
A preliminary decision is therefore adjourned.
However, Bitcoin’s dominance has bottomed out in the 43.20 percent range over the past few trading days.Market power is currently 43.91 percentage points.
Although some top 100 altcoins such as Quant (QNT) have been able to initiate a remarkable price rally in the last seven trading days, the bottoming out for many cryptocurrencies is still on shaky ground.
In order to confirm the bottom formation, Bitcoin must necessarily break out of its sideways phase to the upside in order to provide further bullish impulses for the overall market.
The fact that all top 10 altcoins in a 7-day comparison also show a negative price development this week once again confirms the uncertain situation on the crypto market.The price development of Bitcoin and Co.should be largely determined by important data on inflation in the USA tomorrow, Wednesday.
Price developments of the top 10 altcoins
– All top 10 altcoins show a price discount in a weekly comparison.
– Dogecoin (DOGE) leads the list with a price discount of 11 percent.As in the previous week, Polkadot (DOT) is also trending lower again with a price minus of 9 percent.
– Cardano (ADA) and Solana (SOL) are also weak, which, like Ethereum (ETH), have lost around seven percent in value.
– On the other hand, Shiba Inu (SHIB) and the binance Coin (BNB) get out of the affair lightly and, like Bitcoin, correct only a good percentage point.
Stability of the top 10
– Although Bitcoin is still trading in its sideways range at a current price of around USD 20,000, the current daily low is again a higher low.
– The fact that the prices of the top 10 altcoins did not form any new lows for the year this week is still positive in the short term.
– However, if the market dominance of the key crypto currency Bitcoin increases northwards again in the coming trading days, this should continue to put pressure on the price developments of many Altcoins.
– The dominance of the stablecoin Tether (USDT) is also rising again, a sign that investors are increasingly staying on the sidelines until a clear direction is established in the crypto market.
– The ranking of the top 10 altcoins shows a ranking change this week.Shiba Inu moves past Tron (TRX) in 9th place.
Winners and losers of the week
– The crypto market is trending weaker again week-on-week.
– Only a good 10 of the top 100 altcoins show a price increase.
– The vast majority of the 100 largest cryptocurrencies are seeing a price drop, as in the previous week.
– However, the market capitalization of all cryptocurrencies is currently trading almost unchanged at USD 865 billion in a weekly comparison.
– The manageable list of weekly winners is headed by Quant (QNT), up 35 percent.Serum (SRM) is also bucking the bearish trend, gaining 30 percent in value.Polygon (MATIC) is also bullish with an 18 percent increase in value and the Internet Computer (ICP) with a 17 percent price increase.
The majority of the top 100 altcoins are also correcting this week
– At the top of the weekly losers are the Launchpad Tenset (10SET) and the Layer1 ecosystem Waves (WAVES), two of the strongest altcoins of the previous week.Both altcoins lose 13 percent in value.
Investors appear to have taken profits here.Also ApeCoin (APE), the Synthetix Network (SNX) and Axie Infinity (AXS) lose double digits in value, each appraising around 11 percentage points lower.
– However, the vast majority of underperformers corrected less than 10 percentage points week-on-week, confirming a possible bottoming phase for many cryptocurrencies.
– Such accumulation phases often last for several weeks, sometimes even months.
– Investors who want to invest in altcoins should continue to keep an eye on the dominance of the largest stablecoin, Tether, in addition to the dominance of Bitcoin.As long as the market power of Bitcoin and Tether does not turn into a correction, a sustained rally in the top 100 altcoins cannot be planned.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations.They are merely an assessment by the analyst.
The chart images were created using TradingView created.
USD/EUR exchange rate at the time of going to press: EUR 1.00.
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