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The past 24 hours saw a few altcoins increase by double digits while Bitcoin remains relatively stagnant around the coveted $28,000 level. That said, BTC’s dominance has increased slightly through the day, suggesting that the altcoin market is underperforming.
Ripple’s XRP, on the other hand, is charting mild gains and is currently trading above an important level.
Bitcoin Stagnates at $28K
It appears that the $28,000 level is presenting considerable challenges for Bitcoin, at least in the short term. The price has spent quite a few days around it already, and there’s no sign of considerable momentum to take it in any direction.
At the time of this writing, BTC is trading ever so slightly below $28K and is going through an obvious chop, as seen in the chart below:
It’s worth noting that Bitcoin’s dominance – the metric that tracks its share relative to that of the rest of the market, has increased a bit. This suggests that altcoins are underperforming. Let’s have a look.
Altcoins Disappoint but XRP an Outlier
The altcoin market remains largely unimpressive throughout the 24 hours, with every coin trading in the red (amongst the top by means of total market capitalization). The following heatmap demonstrates this quite well:
There’s also one evident outlier on the above image – XRP. The price of Ripple’s native cryptocurrency is pretty much the only one trading in the green. It managed to surge above the $0.5 level and is up almost 2% on the day.
The best performer from the top 100 is Enjin Coin (ENJ), up around 12%, followed by Injective’s INJ, which is up around 10% and is pushing for $6.
On the other hand, DOGE lost the most during the past 24 hours and is down around 10% because of Twitter’s decision to revert back to its original logo.