Bitcoin Welcomes $12,000 As Market Cap Gains $9 Billion Today

Bitcoin is heading upwards again with another attempt to conquer the $12,000 mark. The altcoin market is also very volatile as Chainlink painted another all-time high.

Bitcoin Tries $12K

After the mostly calm weekend, Bitcoin decided to act and aimed at a familiar target. The primary cryptocurrency went from yesterday’s low at $11,550 to $11,750 in a few hourly candles before surging to $12,050.

It has retraced slightly since then and is currently hovering just below the $12,000 mark. So far, the attempt to conquer this psychological line is still unconfirmed as BTC has yet to successfully close above it.

BTCUSD 5m. Source: TradingView

Apart from a psychological level, $12,000 is also a significant resistance. Should the asset indeed maintain its price above $12,000, it would have to battle $12,350 before having a chance to head upwards again.

With its price increase, Bitcoin has regained some of its dominance over the market, despite most altcoins charting gains today as well. The metric comparing BTC’s market cap against all alternative coins dropped to 60.5% yesterday, but it has increased a bit to 60.7%.

The bull market is perhaps best exemplified by the total market capitalization, which has risen with nearly $100 billion in a month from $268 billion on July 10th to $364 billion. This represents a 35% increase.

Altcoins Pump Hard

While Bitcoin’s 2% increase is impressive on its own, numerous alts outperform BTC with double-digit charts. Ankr has entered the top 10 coins by market cap after a 62% surge today. Band Protocol continues with its massive price increase as of late with another 50% pump to $16.5.

Nervos Network (30%), Ampleforth (27%), Ren (25%), THORChain (22%), Cosmos (21%), Kava (20%), Swipe (19%), Balancer (16%), Compound (14%), Terra (13%), and Ontology (11%) complete the double-digit increase club.

On the other hand, Flexacoin dumps by 16%, followed by Decentraland (-11%), and Elrond (-10%).

Cryptocurrency Market Overview. Source: coin360.com

Notable increases from the top 20 coins are evident with Tezos (9.8%) and somewhat expectedly – Chainlink (9%). XTZ aims for a new all-time high with its latest performance, while LINK painted another ATH just hours ago. LINK went to approximately $14,5 (on Binance) before retracing to $13.8.

The rest of the larger-cap alts illustrate stability. Ethereum challenged $400 again but got rejected and is now trading at $395. Ripple is just below $0.30, while Bitcoin Cash, Bitcoin SV, Litecoin, and Binance coin are marking insignificant decreases of 1% or less. Stellar, Tron, Crypto.com Coin, and VeChain are up by about 1.5%.

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