• Bitcoin has broken to the upside and is now establishing itself above the $30,000 level.
• Bitcoin dominance is also rising, meaning that most altcoins are not keeping up with the king of the cryptocurrencies.
• Ethereum is comparatively quiet at this stage, but if bitcoin dominance starts to roll over, it could lead the altcoins on a run.
Bitcoin Breaks Above $30K Level
Bitcoin has broken to the upside and is now establishing itself above the $30,000 level. This break upwards and through resistance of recent weeks suggests that bitcoin may be headed towards its next resistance at $32,000. While there still remains some concern around bearish divergence on some timeframes, should bitcoin continue to rise it could annul this issue.
Rising Bitcoin Dominance
Bitcoin dominance continues to rise as well, currently standing at nearly 48.5%. A move beyond this could potentially lead to a push towards 57%, which would put severe pressure on altcoins. However, if BTC’s dominance does start reversing then look for altcoins to try and catch up. The total market cap for all cryptos has also just hit resistance at $1.2 trillion with further targets being set at $1.3 trillion and then $1.5 trillion as banks remain mired in insolvency.
Ethereum Waiting in The Wings
At present Ethereum is relatively quiet having hit the top of a rising channel and holding steady above $1,900 USDT. Should it fail here then it could head back down towards either support near $1,800 or just above $1,700 USDT – or if BTC’s dominance reverses then ETH may take charge of leading altcoins higher again soon enough..
Altcoin Performance
Most other altcoins are relatively flat right now with Solana being one of those that have pumped hardest recently; putting on more than 14% over three days taking it up to nearly 23 USDT per coin currently – though these gains can quickly dissipate if conditions change suddenly given their volatile nature compared to Bitcoin or Ethereum typically speaking..
Conclusion
The crypto asset market seems set for further growth with Bitcoin pushing past resistance levels again after multiple attempts throughout 2021 so far – while other coins such as Ethereum wait eagerly in the wings hoping for their own opportunity when BTC’s grip relents slightly from its current high point of nearly 49% market share overall presently.. Time will tell how things develop going forward but for now investors will likely be happy with how things have been trending generally speaking thus far in 2021 especially!