Bitcoin Neared $27K But These Altcoins Are Outperforming BTC: Market Watch

2023-08-24 09:07:53

After days and days of trading sideways without any movements upwards, bitcoin finally went on the offensive in the past 24 hours and came close to $27,000.

Nevertheless, the primary cryptocurrency has been outperformed by the likes of SOL, ADA, TON, MKR, and more.

BTC Closing Down to $27K?

After last week’s massacre that brought bitcoin from about $29,000 to $25,300 (a two-month low) within a single day, the asset started to show enhanced signs of stagnation. The next several days, including the typically less volatile weekend, were quite boring, with BTC standing at around $26,000.

The only more notable move came yesterday when bitcoin fell by over $500 but recovered the losses almost immediately.

As such, it had calmed at around $26,000 before the bulls stepped on the gas pedal and pushed it north by $800. This resulted in a 6-day high of $26,800.

As of now, BTC has lost some steam, but it’s still over 1% up on the day. Its market cap has neared $515 billion, and its dominance over the alts is close to 48.5%.

BTCUSD. Source: TradingView## Alts See Green (Finally)

The altcoins suffered just as badly and even worse when BTC plummeted last week, and they failed to produce any substantial gains in the following days.

The landscape today seems more positive, with green dominating the charts. Ethereum is close to $1,700 after a 1.7% increase, BNB has tapped $220 following a 2.5% jump, while XRP has maintained $0.5 after a 1.5% pump.

Cardano, Solana, and TONCOIN have performed even better, with gains of up to 4% in the case of SOL, which is now well above $20.

HBAR, ICP, and MKR have soared the most from the mid-cap alts, by between 5-6% daily.

The total crypto market cap has added over $10 billion daily and sits above $1.060 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto

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