Market Watch: ETH Got 1% From New ATH, BTC Struggles to Break $58K

Bitcoin continues to struggle below $58,000 as the last attempts to conquer that level failed. At the same time, some altcoins have produced more significant gains, including ETH, which came just inches away from a new ATH.

ETH’s ATH Push and Alts on the Rise

The second-largest cryptocurrency dipped beneath $4,000 less than a week ago. However, the landscape around it has changed dramatically since then, and ETH now stands over $4,700.

Moreover, ETH touched $4,800 hours ago, which means that it came less than $80 away from painting a new all-time high.

Most other larger-cap alts are also in the green now. Binance Coin is nearly 5% up on the day and has increased to $640. Solana is among the best performers as a 9% surge has driven SOL to $220.

Cardano (2%), Ripple (3%), Polkadot (5%), Avalanche (6.5%), Terra (5%), CRO (7%), Litecoin (6%), Polygon (13%), and Chainlink (6%) have all marked substantial daily gains.

In contrast, the two largest memecoins are in red. Dogecoin is down by 1.2%, while Shiba Inu, which skyrocketed following a listing on Kraken yesterday, is down by 8% now.

Further gains come from Voyager Token (33%), Stacks (27%), Curve DAO Token (19%), KuCoin Token (11%), and Nexo (11%).

The crypto market cap is up by $80 billion in a day and is close to $2.8 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Failed at $58K

While most alts charted impressive gains, bitcoin couldn’t do the same. The cryptocurrency had dipped below $54,000 during the weekend but surged by over $4,000 on Monday.

It continued in the following hours upwards and even touched $59,000. After a brief retracement, BTC did it again and exceeded $59,000 yesterday once again.

However, it failed to keep rising, and the subsequent rejection drove it south by $2,000. Following a few more fluctuations, BTC has now stalled around $57,000.

As bitcoin’s market cap has remained beneath $1.1 trillion, the dominance over the alts continues to fade away. The metric was above 44% just a few weeks ago, but it’s down beneath 41% now.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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