Bitcoin (BTC) Price Eyes $28K as Altcoins Bleed Out (Market Watch)

Bitcoin’s price dipped by a few hundred dollars over the past 24 hours but recovered all losses and even headed toward $28,000.

At the same time, most alternative coins are in the red once again, with ETH slipping below $1,600.

Could BTC Challenge $28K?

After failing to overcome the $28,000 level at the end of the last business week, BTC dropped hard on Friday all the way south to $27,200 (on Bitstamp). However, the bulls were quick to emerge on the scene and didn’t allow any further declines.

Just the opposite, the cryptocurrency started regaining its lost value and spiked back up to over $28,000 by Saturday. The same scenario repeated once again as BTC failed to conquer that line decisively and returned back to just under it. It spent Sunday and most of Monday there as well.

More volatility came last night when the asset fell back down by a few hundred dollars. Once again, though, it bounced off and jumped to its current level of around $27,700.

Its market capitalization has remained stuck at around $540 billion, but its dominance over the alts is on the rise again. The metric is up by around 1% within the past week or so, and it’s at its highest levels in months at over 50% on CMC.

BTCUSD. Source: TradingView## Alts in Red Again

The alternative coins posted minor declines yesterday, and while the situation wasn’t all that bad on a daily scale, the scenario has repeated once again, with even more losses today.

The largest altcoin leads the way south. ETH is down by just over 1% once again and now trades inches below $1,600. Ripple, Solana, Cardano, Dogecoin, Tron, Toncoin, Polygon, and Polkadot have all retraced by up to 3% in a day.

ATOM and Tezos are among the few exceptions, rising by 4.5% and 7%, respectively, within a day.

Nevertheless, the total crypto market cap has seen a few billion gone daily and is down to $1.080 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto