Bitcoin Drops Below $17K as Alternative Currencies Swim in Red (Market Watch)-featured

Bitcoin Drops Below $17K as Alternative Currencies Swim in Red (Market Watch)

After teasing that level for a few days, Bitcoin drops below $17K today, and altcoins are mostly down.

The price of Bitcoin has been unable to make any meaningful advances over the $17K mark despite teasing it for a few days and briefly rising above it. The bears finally appear to have gained control and have pushed the cryptocurrency below it.

This occurs as cryptocurrencies are primarily trading in the red and the overall market capitalization has lost about $20 billion over the last 24 hours.

Bitcoin Price Drops $17,000

The last 24 hours haven’t been very good for the bitcoin market as a whole. BTC’s price appears to have dropped below the $17,000 level and is currently trading at roughly $16,800. (on Binance).

Although it is currently down 1.3% on the day, Bitcoin is still up 2.2% on a weekly basis. The BTC dominance, a metric that tracks its share in relation to the market as a whole, has also been increasing over the last few days. Present demonstrates that BTC is somewhat more dominant than altcoins at this time.

The Red-Swimming Altcoins

According to the heatmap below, the leading cryptocurrencies haven’t been an exception to the red-covered altcoin market over the previous 24 hours.

However, despite the present dip, several cryptocurrencies are doing incredibly well. For instance, among the top 100 altcoins during the previous day, Radix (XRD) has performed the best, rising a staggering 25%. Frax Shares (FXS), which is up 7.5%, comes after XRD.

The worst performer on that list is Tokeniz Xchange’s TKX, which is down 8.2%, while APT, the coin that powers the Aptos ecosystem, is down 8.9%.

Can any coin replace Bitcoin?

Ethereum: Ethereum is one of the currencies that competes with Bitcoin the most and is most likely to overtake it in the future. It is a decentralized platform that allows developers to create smart contracts and decentralized apps that may operate on its network without interruption, fraud, centralization, or control.

Which altcoins will survive long term?

Top cryptocurrencies like Ethereum, XRP, and MATIC are the greatest long-term options for HODLing, according to investors. On the other side, numerous new tokens, like FGHT, D2T, CCHG, and IMPT, have the potential to yield enormous long-term gains.

Where will Bitcoin be in the next 10 years?

According to economists’ forecasts, the value of Bitcoin might range between $800,000 and $1 million in ten years. In 2030, the price objective of $1 million is predicted.

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