Bitcoin has been experiencing increased levels of volatility over the past 24-hours, which has come about after a period of consolidation within the lower-$10,000 region. This bout of sideways trading ultimately resulted in a sharp dip to $9,500 yesterday, which was quickly followed by a massive influx of buying pressure that sent its price back into the five-figure price region.
Bitcoin’s latest surge has come about as the aggregated crypto markets have further extended their recent gains, which has caused Bitcoin’s dominance over the markets to continue to drop lower.
Bitcoin Surges Past $10,000 as Dominance Plummets
At the time of writing, Bitcoin is trading down just under 2% at its current price of $10,060, which marks a slight drop from its recent highs of $10,300.
Yesterday evening BTC incurred a significant influx of selling pressure that sent its price to lows of roughly $9,500, which was met with a significant influx of buying pressure that allowed the cryptocurrency to reclaim its position within the five-figures.
Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this reclaim in a recent tweet, pointing to a chart that shows the multiple resistance factors that lie directly above BTC’s current price.
“$BTC #Bitcoin – Bulls fight back, 10k re capture,” he explained.
$BTC #Bitcoin – Bulls fight back, 10k re capture pic.twitter.com/EecYsPE8wz
— Cheds (@BigCheds) September 19, 2019
This latest surge has been tempered by the rallies seem amongst multiple major altcoins, as Ethereum has been able to surge to fresh monthly highs of over $220.
Bitcoin’s dominance over the markets has been dropping over the past several days and weeks as altcoins have been posting gains, with its dominance currently trading at 67%, down from recent highs of over 71%.
Chonis Trading, another popular crypto analyst, spoke about this in a recent tweet, saying:
“$BTC – (dominance) back to yesterday’s lows as #alts showing continued strength after pulling back a bit,” he noted.
$BTC – (dominance) back to yesterday’s lows as #alts showing continued strength after pulling back a bit… pic.twitter.com/fIVXIWXCTB
— Big Chonis Trading🍄 (@BigChonis) September 19, 2019
Because it does not appear at the moment that any fresh capital is entering the crypto markets, it is highly likely that any sustained movement in the markets will likely result from traders moving funds away from Bitcoin and towards other tokens, which means that it is probable that BTC’s market dominance will continue to drop in the near-term.