Bitcoin (BTC) just can’t seem to catch a break lately, as not only has the world’s flagship cryptocurrency been removed as a payment option for Tesla but its usability and practicality have also been called into question as of late. In fact, the increased volatility of Bitcoin had resumed lately when the digital asset had fallen below $35,000, which was the lowest price level experienced by the cryptocurrency over a 5-day period.
There are many who thus believe that BTC’s time as the undisputed king of the cryptocurrency industry may indeed soon be coming to an end, as while Bitcoin continues to struggle, the altcoins (alternative coins) along with the privacy coins continue to soar. It should be mentioned though that the altcoins have also suffered a bit due to the recent market crash and as of right now, Bitcoin is still relatively dominant.
DASH, XMR, and ZEC have all managed to experience significant gains, while the more mainstream altcoins such as ADA, BNB, XRP, DOT, LTC continue to steadily fluctuate in price.
Bitcoin in trouble
Bitcoin had managed to ride on some highs after recovering from the devasting drop to $30,000, and had also managed to challenge $40,000 on more than one occasion and had even gone over this amount temporarily.
However, this was the last semblance of good news for Bitcoin as the bears put a stop to any kind of continuous momentum the cryptocurrency may have been steadily building. As a result of the bears’ intervention, Bitcoin had thus dropped in price in somewhat rapid succession. The situation was made even direr when BTC stayed below the $35,000 mark for 5 consecutive days. Shortly after this, bulls had intervened and managed to help the digital asset push past the $35,000 mark. As of the time of this writing, BTC is trading at $36,365, which is a 1.9% decrease since yesterday.
Altcoins performing well
While it remains true that the altcoins had also suffered a bit lately, unlike BTC these coins had managed to experience significant gains as well. Most of the altcoins remain green on a fluctuating basis, including but not limited to XRP, ADA, LINK, LTC, BCH, and UNI.
In an interesting turn of events, some of the ‘privacy coins’ have managed to outperform the mainstream altcoins. XMR, for instance, has risen by 25% and ZEC had spiked by nearly 30%. DASH and ZEN are also performing quite well.
Regardless of the recent difficulties, the overall market cap of all of the crypto assets has stayed over the amount of $1.6 trillion.