The overall dominance of the crypto market of Bitcoin continues to decline, approaching the low of 39.95 on September 12th. This seemed like a boon to Altcoin’s performance as several tokens were trading in the green. Bitcoin (BTC) hit a barrier at $ 46,274 on September 12, but when that happened Ethereum (ETH) and Altcoins rebounded from the previous week’s sell-off.
At the time of publication, Algorand (ALGO, + 12.27%), TRON (TRX, + 20.96%), Elrond (EGLD, + 25.38%), Celer Network (CELR, + 25.91%) were in increased significantly in the last 24 hours. Other notable accomplishments include a 48% price increase from Electroneum (ETN) and a 65% price increase from Mask (MASK), bringing the price of the token back above $ 12.
Electroneum (ETN), a cellphone-based crypto platform that offers an instant payment system, marked the second day in green, recovering almost 100% from the lows of $ 0.0127 on September 11th.
At the beginning of September, TRON (TRX) and BitTorrent (BTT) jointly announced the launch of BitTorrent Chain (BTTC), a Layer 2 scaling and cross-chain solution that is combined with the connection of TRON, Ethereum & Binance Smart Chain ( BSC) & others will start chains. This enables users on all of these platforms to transfer assets seamlessly with reduced fees and low latency.
On September 10th, the TRON Foundation announced that “BTTC will power TRON to form a closed loop of Layer 1 and Layer 2 networks with solid cross-chain connectivity”.
Elrond (EGLD) is “a highly scalable, fast and secure blockchain platform for distributed apps, use cases in companies and the new internet economy”. Elrond has been ticking higher since September 8th when the bullish cross of its daily moving averages drove its price to new all-time highs of $ 297. At the time of publication, Elrond was trading at $ 286, up 24.47% from the day.
The cryptanalyst and trader RektCapital talks about the Elrond rise – “EGLD has more than doubled since the successful re-testing of its breakout structure. ELGD is officially in the process of pricing and has reached new all-time highs “
What to Expect
While many altcoins posted double-digit gains during the recovery from last Tuesday’s “flash crash”, Bitcoin’s price continues to consolidate near the $ 46,000 level despite the BTC reserve of all exchanges hitting a three-year low.
$ BTC All exchange reserves hit a three-year low, Courtesy: Cryptoquant
Crypto analyst Michael Van de Poppe previously said of the short-term BTC price, “On the flip side, we also know that $ 46,700 is still a very important level of resistance … $ 50,000 is significant and that will add strength to the altcoin markets , because the altcoins will simply follow suit. “
While the debate about whether or not the market is going through an old season continues, one of the telltale signs is sideways trading in bitcoin, causing traders to turn their gaze to altcoin, which subsequently leads to a decline in bitcoin dominance .
At the time of writing, the total market cap for cryptocurrencies was $ 2.116 trillion and the dominance rate of bitcoin was 40.7%.
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