Proactive Investors - Bitcoin (BTC) saw a late-Monday bounce after rebounding off $24,900 yesterday, with that momentum continuing through today’s Asia trading window.
Though BTC/USDT ultimately hit the midnight bell 2.6% lower at $25,160, nearly all of those losses have been recouped, with the pair surging back to $25,750 at the time of writing.
Week on week, the world’s largest cryptocurrency is still down 0.3%, but recent performance shows that buying support may be able to keep it above $25,000 in the short term.
BTC/USDT remains 6% high over the past six months – Source: tradingview.com
Bitcoin dominance, which measures bitcoin’s market capitalisation against the entire crypto markets, has seen a steady improvement.
Dominance was as low as 49.1% this time last week, but has since recovered to 49.9%.
Though bitcoin found short-term support, the same long-term headwinds apply, with extremely low trading volumes in both the spot and futures markets being indicative of the cautious attitude investors have of the cryptocurrency markets right now.
The US dollar global benchmark has also proved remarkably resilient in 2023, especially in the second half of the year, causing downward pressure on the BTC/USDT pair.
Ethereum (ETH) also bounced higher in late-Monday trades, with bulls pitching in at $1,530 to bring the ETH/USDT pair back above $1,550 by the session’s close.
The pair continued to rally this morning, adding 1.8% to $1,580 at the time of writing.
Week on week, ether is down a little over 3%.
In the altcoin space, Ripple (XRP), Solana (SOL) and Polkadot (DOT) have underperformed against the market, with all three penning more than 5% of losses over the past seven days.
Binance’s BNB token has fared better, dipping around 2.5% week on week.
Global cryptocurrency market cap currently stands at $1.02 trillion, having dipped 0.9% overnight.
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