Bitcoin is struggling over the past month. It has had difficulty holding the $20,000 and lost its footing several times. Altcoins have been following the decline of bitcoin, but they are now gaining momentum thanks to small gains over the past few weeks. The market’s performance has revealed that bitcoin is losing ground as July approaches its weekly close.
Altcoins Lead
Altcoins have been among the most affected by the downtrend. All indexes except bitcoin suffered losses in the double-digits. However, small caps altcoins had experienced more losses. But, as the market looks to rebound, smaller altcoins seem to have taken the most of the gains.
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In the first week of July, gains in the Small Cap Index have been as high as 4.9%. The Mid Cap Index, which had the largest gains, is seeing the same recovery. This index is outperforming all other counterparts by 5.0%.
The Large Cap Index was also not excluded from the recovery trend, with gains of 3.1% so far. This coin had been closely following the bitcoin rally, and had thus been closest to the latter in terms of gains.
Source: Arcane Research| Source: Arcane Research
Bitcoin Suffers A Worse Fate
Although Bitcoin is the market leader, the returns on all indexes have been the most modest. While Bitcoin had been a safe haven during the crash in June, altcoins now enjoy all the benefits as the market stabilizes.
Bitcoin’s gains so far for the month of July have come out to 0.5%, the lowest of all of them. This was quickly followed by a drop in market dominance due to the performance of the otherindices. Although the change has been small, it was only 0.1% for the week.
BTC fails to surpass $20,500 resistance| Source: BTCUSD on TradingView.com
The sharp rise in altcoins compared to bitcoin is a sign that investors are beginning to believe in lower-cap altcoins. Investors who are looking for high returns and greater potential will be highly attracted to altcoins that offer higher potential. 100x and similar.
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Stable cons continue to be dominant and have seen strong growth. Stablecoins USDT (USDC), USDT (USD) and BUSD saw increases of 0.08% and 0.18% respectively. Their market share. BNB followed the trend, with an increase of 0.06%. However, all large-cap coins experienced declines. Ethereum lost 0.22% market share.
Featured Image from Binance. Charts from Arcane Research and TradingView.com.
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