Bitcoin Price Wobbles Toward $10K as Altcoins Push Dominance Under 70%
An unusual landscape saw Bitcoin lose market prowess to altcoin tokens on Monday, putting in heavier losses.
Market visualization. Source: Coin360
Bitcoin sees rare weakness after $11K bull run
Data from Coin360 showed BTC/USD staying lower in its weekly trading range on Monday, having risen as high as $10,930 on Sept. 7.
The momentum which took Bitcoin $1,500 higher last week failed to last, with a sudden drop producing recent lows of $10,080 earlier on Monday.
At publishing time, Bitcoin hovered just above $10,200 — equating to daily losses of 3.15% — while weekly gains remained at about 4%.
Bitcoin seven-day price chart. Source: Coin360
Now, analysts are eyeing the potential for further short-term losses before a more definitive long-term trend became apparent.
“Bitcoin dropping down towards the support zone of $10,000, while alts/btc pairs are remaining flat,” popular Twitter-based commentator and Cointelegraph contributor Crypto Michaël wrote in an update on Monday.
Price suppression continues to stand at odds with technical indicators for Bitcoin, which suggest its network is bigger, more competitive and more secure than at any point in history.
As Cointelegraph noted earlier, hash rate was leading the way as the week began, with the likelihood rising that Bitcoin has already struck 100 quintillion hashes per second in a new record. A popular theory suggests that price traditionally follows hash rate gains.
BTC dominance falls back below 70%
Having languished in sideways patterns for months while Bitcoin boomed, altcoins could soon become the focus of attention once again.
As Cointelegraph reported, investors saw repeated losses against BTC across altcoin tokens, while Monday saw a rare move: Bitcoin dropped more against USD than many other cryptocurrencies.
“I like the consensus of alts/btc pairs not dropping further, while Bitcoin does,” Crypto Michaël added.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap stood at $263 billion, with Bitcoin’s share dropping back below 70% in the wake of its weakness versus altcoins.