BITCOIN DOMINANTES THE MARKET WITH BREAKOUT OF $12000 MARK

This week has seen the all time fresh high by the Chainlink marking the altcoins market volatile with many impressive double digit price highs and pumps while the Bitcoin tries to break above $12000 dominating over the market above all other assets.

After a relatively calm weekend at the market, Bitcoin hit with a bang and a familiar target. The primary cryptocurrency surged to $12,050 from the previous day’s low of $11,550 to $!!,750 within few hours candles. Since then it traced slightly but continuous hover around $12000 mark.

 In a battle to maintain its price above $12000 mark it would mean it has to conflict $12350 before taking up the chance to head upwards again.

With the increase in the price of the asset, Bitcoin has regained the position dominating the market in spite of most altcoins showing charts of gains the same day.

 Altcoins saw a little pummeling particularly BAND and Chainlink making double digit losses. LINK saw a drop by 10% in the price but has recovered again to trade above $13. BAND which plummeted to $12.19 rectified itself to 31.34% but the altcoins traded for $16.

Cardano (ADA) traded to $0.145 dropping by 2.39% which had a light pull backwards for the asset. As per the Coin Market Cap, the market cap of the overall cryptocurrency stands at $364 billion and the dominance index of the Bitcoins is currently at 60.9% comparatively to the metric which read that all alternative coins dropped to 60.5% the previous day but has increased a bit by 60.7%

The sharp upside move came after the weekly close of altcoins which were basking in the double digit gains and Rakesh Upadhyay the Coin telegraph contributor says that many traders were expectant of the $12k mark of Bitcoin as Bitcoin has been consolidation into a pennant on the daily timeframe.

Read more: Bitcoin Cash price approaches $305, what’s next?

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