The largest altcoins failed to take advantage of the Bitcoin rollback
Bitcoin dominance has surpassed 63% this week. Despite the decline in the price of BTC, altcoins were unable to take advantage of the weakening of the largest digital currency.
Investors did not support ether and other coins. As a result, following bitcoin, the entire cryptocurrency market was in the red zone.
Researchers from the Santiment team drew attention to the fact that the share of bitcoin in the market has increased even against the backdrop of a temporary pullback of the cryptocurrency.
The dominance of altcoins, however, continues to decline. In parallel, there has been a decline in investor interest in Ether, Binance Coin, ChainLink and XRP. On the contrary, over the past 24 hours, the trading volume of these cryptocurrencies has significantly decreased.
By contrast, the number of bitcoin transactions is increasing today. The network processed 294,430 transactions per day. The digital currency, after falling below $ 13,000, began to rise in price again, and now it is holding around $ 13,500.
Analysts from the Weiss rating agency believe that the growing network activity on bitcoin is a positive signal for the cryptocurrency. There are other positive factors that lay the conditions for a more confident growth in the value of BTC.
We are currently seeing when all the positive factors begin to merge together. At the exit, we will get the coin approaching $ 20,000 or overcoming this psychological milestone, Weiss predicts.