The global cryptocurrency market is rejuvenated as the top ten digital currencies are exhibiting a less binding correlation. The new bullish positioning of the market capitalization which is up 2.43% to $1.75 trillion is a testament to the resilience of the bulls who forcefully helped regain the market amidst an unprecedented sell-off seen in the previous week.
The ongoing rally is remarkably being championed by Bitcoin (BTC), as it fights to maintain the psychological level at $55,000. The weight of BTC in the market, with a dominance level currently pegged at 59.5% of the total market capitalization, has continually played a huge role in determining the price trend of the hoard of altcoin out there. At the time of writing, the premier cryptocurrency is trading at $55,678.28, up, 1.32% in the past 24 hours and gradually parring off some of the losses accumulated over the past week.
Major altcoins including Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT) Theta (THETA), and Litecoin (LTC) trailing the same trend. ETH is exchanging hands at $1,698.67, up 0.58 in the past 24 hours, BNB is up 4.58% to $269.52, DOT is 0.74% to $32.32 while THETA and LTC are also trading with gains with 3.98% and 1.12% surge respectively.
Gains Overshadowing Losses
The number of the top cryptocurrencies with positive gains is not just more than those with losses, the percentage growths being recorded is significantly overshadowing the dips seen in such altcoins as Cardano (ADA), XRP, and Uniswap (UNI).
The primary reasons why these altcoins are showing a negative correlation is peculiar to them but the volatility in the market as well as the generally positive sentiment that currently abides may stir a sudden flip between these coins in the next hours. However, at present, ADA is down 0.31% to $1.16, XRP is trading at $0.5491 with a dip of 0.63% while each UNI tokens are worth $28.05, down 1.17% in the past 24 hours, at the time of writing.
What To Watch Out For in the Coming Week(s)
The cryptocurrency market has received a lot of interest in the past 3 quarters, as major institutional investors sought solace in digital assets amidst the fluctuating devaluation of fiat currencies around the world. As the first quarter gets wrapped up, more investors that have made a Bitcoin or other altcoin purchases are bound to declare them, and this anticipated bullish news may help suture the ongoing bullish rally of the entire cryptocurrency market.