Bitcoin and altcoins continue to search for bottoms

Bitcoin (BTC) is still trading in the $ 19,000- $ 21,900 range this week. Meanwhile, Bitcoin dominance is still declining by 43.2 percent. Bitcoin (BTC) failed to confirm the eruption above USD 21,900 last Friday and slipped back to its trading range for the past few weeks between USD 19,000 and USD 21,900. The fake outburst saw the BTC price continue to correct over the weekend.

Today, Tuesday, July 12, the cryptocurrency corrected to support $ 19,524 before stabilizing slightly. Bitcoin thus trades again in the area of ​​the psychologically important USD 20,000 mark. A preliminary decision is therefore postponed. However, Bitcoin’s dominance has reached the bottom in the range of 43.20 percent over the past few trading days. The market power is currently 43.91 percentage points.

Total market value based on values ​​of Cryptocap shown.

Although some top 100 altcoins, such as Quant (QNT), have been able to embark on a remarkable price rally in the last seven trading days, the bottom of many cryptocurrencies is still on shaky ground. To confirm bottom formation, Bitcoin must necessarily break out of its sideways phase to the upside to provide further bullish impulses to the overall market.

That all the top 10 altcoins in a 7-day comparison also show a negative price development this week once again confirms the uncertain situation in the crypto market. The price development of Bitcoin and Co. should be largely determined by important data on inflation in the US tomorrow, Wednesday.

Price development on top 10 altcoins

  • All top 10 altcoins show a price discount in a weekly comparison.
  • Dogecoin (DOGE) leads the list with a price discount of 11 percent. As in the previous week, Polkadot (DOT) is also trending lower again with a price minus of 9 percent.
  • Cardano (ADA) and Solana (SOL) are also weak, having like Ethereum (ETH) lost about seven percent in value.
  • On the other hand, Shiba Inu (SHIB) and Binance Coin (BNB) can easily get out of the deal and, like Bitcoin, only correct a good percentage point.

Stability of the top 10

  • Although Bitcoin is still trading in its sideways range with a current price of around $ 20,000, the current daily low is again a higher low.
  • That the prices of the top 10 altcoins did not form new lows for the year this week is still positive in the short term.
  • However, if the market dominance of the key cryptocurrency Bitcoin rises northwards again in the coming trading days, this should continue to put pressure on the price development of many Altcoins.
  • The dominance of stablecoin Tether (USDT) is also rising again, a sign that investors are increasingly staying on the sidelines until a clear direction is established in the crypto market.
  • The ranking of the top 10 altcoins shows a change of position this week. Shiba Inu moves past Tron (TRX) in 9th place.

Winners and losers of the week

  • The crypto market is trending weaker again week-to-week.
  • Only just over 10 of the top 100 altcoins show a price increase.
  • As in the previous week, the vast majority of the 100 largest cryptocurrencies recorded a price drop.
  • However, the market value of all cryptocurrencies is currently trading almost unchanged at USD 865 billion in a weekly comparison.
  • The manageable list of weekly winners is led by Quant (QNT), an increase of 35 percent. Serum (SRM) also counteracts the bearish trend and gains 30 percent in value. Polygon (MATIC) is also bullish with an 18 percent increase in value and the Internet Computer (ICP) with a price increase of 17 percent.

The majority of the top 100 altcoins are also dishes this week

  • At the top of the weekly losers are Launchpad Tenset (10SET) and the Layer1 ecosystem Waves (WAVES), two of the strongest altcoins in the previous week. Both altcoins lose 13 percent in value. Investors seem to have made a profit here. ApeCoin (APE), Synthetix Network (SNX) and Axie Infinity (AXS) also lose double-digit values ​​and each value about 11 percentage points easier.
  • However, the vast majority of underperformers corrected less than 10 percentage points week-on-week, confirming a possible bottom line for many cryptocurrencies.
  • Such accumulation phases often last for several weeks, sometimes even months.
  • Investors wishing to invest in altcoins should continue to keep an eye on the dominance of the largest stablecoin, Tether, in addition to the dominance of Bitcoin. As long as the market power of Bitcoin and Tether does not turn into a correction, a sustained rally in the top 100 altcoins cannot be planned.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are just an assessment from the analyst.

The map images are made using TradingView created.

USD / EUR exchange rate at the time of printing: EUR 1.00.

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