Amidst Bitcoin’s lackluster price performance and a retracement in the broader altcoin market, Akash Network’s AKT Token has surged by 12% in a single day to become a new representative among the top 100 altcoins.
Dominance of Bitcoin over the altcoin market has increased to over 48% in the past 24 hours due to the retracement of several other altcoins.
Top Cryptocurrency Gainers:
- Akash Network’s AKT Token experienced the highest gain with a 9.16% price increase.
- Merit Circle secured the second spot with a 6.24% gain within the last 24 hours.
- Optimism, Aragon, and Hedera Hashgraph also recorded notable gains.
Top Cryptocurrency Losers:
- Cosmos suffered the most significant loss, dropping by -4.80% in value.
- Kusama followed closely with a -5.40% decline over the past 24 hours.
- Livepeer, Curve DAO Token, and Ontology were among the top 5 worst performers.
Bitcoin’s Stagnation and Dominance
Bitcoin’s price has remained relatively stagnant, hovering around $26,000. While its market cap has stayed close to $510 billion, its dominance over the altcoin market has risen by almost half a percentage point within a day. This increase in dominance is attributed to the retracement observed among various altcoins.
BTC’s Recent Volatility
Reports of Elon Musk’s SpaceX selling off its remaining Bitcoin holdings prompted a significant drop in Bitcoin’s price from over $28,500 to $25,300, resulting in a two-month low, highlighting recent market volatility.
Bitcoin initially recovered some ground but settled around $26,000 by the weekend, where it has remained relatively stagnant.
Many altcoins also witnessed a sharp decline during the market sell-off, struggled to recover during the weekend, and continue to experience retracements. Further, Altcoins like Binance, Cardano, Polkadot, Polygon, Shiba, Avalanche, and LEO have seen declines ranging from 2%- 3% within a day.
Notably, MATIC has faced the steepest drop of over 4%.
However, while most altcoins are in the red, a few have managed minor gains. Litecoin is among the few alts with slight gains over the past 24 hours. Ocean Protocol (OP) is a larger-cap altcoin that has notably gained around 4% within the same timeframe.
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