Bitcoin (BTC) has fallen below the $64,000 level, which has caused much concern, especially given that other cryptocurrencies are also trading differently. Blockchain analytics platform CryptoRank shows that the BTC value has decreased by 0.20%, while Ethereum (ETH) dropped by 0.18%. Nevertheless, smaller but promising assets like TON (The Open Network) continued to perform well, recording a 2.92% hike.
📈Market Overview#Bitcoin trades below $64K. The top-10 cryptos are traded in different directions:$TON +2.92%$BTC -0.20%$ETH -0.18%
— CryptoRank.io (@CryptoRank_io) September 26, 2024
Market capitalization: $2.37T (+0.23%)
The #BTC dominance: 53.26% (-0.33%)
Fear & Greed Index: 50 (Neutral)
👉 Top Gainers
UNKJD $MBS… pic.twitter.com/3tYtuWwpyv
BTC Dominance Falls
The BTC market dominance dropped to 53.26% from 53.59%, as the focus shifted toward altcoins with good performance. Such dominance has recently dipped due to increasing focus on other cryptocurrencies that have recently outperformed Bitcoin.
Even as Bitcoin and Ethereum fell, the total market capitalization of cryptocurrencies reached $2.37 trillion, a 0.23% improvement. The market sentiment was seen as neutral by the Fear & Greed Index, which is now at 50. This index which is sometimes employed to measure the mood of the traders reveals that the traders are still apprehensive, neither being too optimistic nor too pessimistic.
Altcoins Lead Gains
However, while Bitcoin and Ethereum were not doing great, most of the altcoins shined brightly. At the helm of the surge was UNKJD (MBS) which had a remarkable increase of 68.6%. The Seamless Protocol (SEAM) came in second with a rise of 56.6%. These altcoins have gained much attention as investors look for other options in the constantly expanding crypto market.
Altcoins Outperform Bitcoin Amid Bullish Divergence SignalsOther major risers were Billy (BILLY), up by 43.5%, and Fight to MAGA (FIGHT), which gained 40.5% in the past 24 hours. The same can also be said for ZeroLend (ZERO) which appreciated by 38.6%. The performance of these altcoins implies that investors are now focusing on smaller and more risky coins due to the slowdown in Bitcoin growth.
With Bitcoin being traded at below $64k and the market still struggling to regain its position, everyone wants to know which way the market will turn next. As alternative coins get ready to break out, the short-term attention of the market may start to move away from Bitcoin. Nevertheless, the cryptocurrency market is still unstable and traders are waiting for Bitcoin to recover or the altcoins to push forward.
