Monday Market Watch: Bitcoin Dominance On Track To 70%, Altcoins Crash Against The Rising BTC

After a few days of trading sideways, Bitcoin’s price appears to be headed north. It was trading at around $7,100, and it surged to over $7,650 on Bitstamp before retracing slightly to the current level of approximately $7,500.

Bitcoin marks a 4.6% increase at the moment. The interesting thing is that BTC’s dominance is also on the move. Currently standing at 68.9%, it’s obvious that Bitcoin claims a larger part of the market share as altcoins struggle to note any serious gains.

Ethereum has broken the $130 level, currently at $132, which is an increase of 2.7% against the dollar. However, when we compare it to BTC, it loses 2.24% of value to 0.0176 SAT. Ripple is up with 1% against USD but XRP/BTC is 3.35% down.

Binance Coin is trading at $13.77 and at 0.0018 SAT, meaning а 2.34% USD increase and а 2.59% BTC decrease.

Tezos has been one of the best performers in the last several weeks, but it’s currently down against both USD and BTC – 0.71% and 5.22%, respectively.

Altcoins/Bitcoin. Source: coin360.com

Total Market Capitalization: $198 B | Bitcoin Market Capitalization: $136 B | Bitcoin Dominance: 68.9%

Major Crypto Headlines

Binance Partnership With FTX Exchange: Follows In The Footsteps Of BitMEX In Futures Trading. Binance recently made a strategic investment in the popular cryptocurrency derivatives exchange, FTX. It raises the question if this partnership is a step towards disrupting the dominance in the Futures trading market of BitMEX, OKEx, and Huobi.

Cryptocurrency Exchange Poloniex Enables No KYC For Level One Accounts. The popular U.S.-based crypto exchange is allowing users to register only with an email and a password for their level one accounts. Even though they would still have restrictions and new regulations from the U.S. and the E.U., the community wonders if this is heading in the right direction.

Recent Political And Economic Tension In India And Hong Kong Highlights Bitcoin’s Benefits. Indian banks will reportedly start turning down customers based on their religion, while protesters in Hong Kong are boycotting HSBC due to bank account closures. Bitcoin’s decentralized nature can be used by anyone from anywhere, which had the community highlighting its benefits once again.

Significant Daily Gainers and Losers

Silverway (8.90%)

SLV is currently surging with almost 9% to $0.72 against the dollar and with 4% against BTC to 9560 SAT. Its market cap has also increased to over $72 M, which places it at 58th place among the top 100 cryptocurrencies. With not much recent news from Silverway, the surge may come somewhat of a surprise at the moment.

Siacoin (5.8%)

Siacoin is next on the list, now reaching $0.00145 against the dollar and 19 SAT against BTC. The market cap is also on the rise, breaking the $60 M level. Siacoin’s co-founder recently appeared on a podcast, outlining S.C.’s history in the market, being an active project since 2015.

Matic Network (-14.43%)

Unfortunately for Matic Network, it’s once again the most notable loser among the top 100 coins. MATIC is losing almost 15% against the USD, currently trading at $0.016. It goes even lower against BTC with -18% to 215 SAT. After the massive drop to $0.012 a few days ago, it managed to recover to $0.020 yesterday, but it’s again on the downtrend.