An unusual landscape saw Bitcoin lose market prowess to altcoin tokens on Monday, putting in heavier losses.
Market visualization. Source: Coin360
Bitcoin sees rare weakness after $11K bull run
Data from Coin360 showed BTC/USD staying lower in its weekly trading range on Monday, having risen as high as $10,930 on Sept. 7.&
The momentum& which took Bitcoin $1,500 higher last week& failed to last, with a sudden drop producing recent lows of $10,080 earlier on Monday.&
At publishing time, Bitcoin hovered just above $10,200 —& equating to daily losses of 3.15% —& while weekly gains remained at about 4%.&
Bitcoin seven-day price chart. Source: Coin360
Now, analysts are eyeing the potential for further short-term losses before a more definitive long-term trend became apparent.&
“Bitcoin dropping down towards the support zone of $10,000, while alts/btc pairs are remaining flat,” popular Twitter-based commentator and Cointelegraph contributor& Crypto Michaël& wrote in an update on Monday.&
Price suppression continues to stand at odds with technical indicators for Bitcoin, which suggest its network is bigger, more competitive and more secure than at any point in history.&
As Cointelegraph noted earlier, hash rate was leading the way as the week began, with the likelihood rising that Bitcoin has already struck 100 quintillion hashes per second in a new record. A popular theory suggests that price traditionally follows hash rate gains.
BTC dominance falls back below 70%
Having languished in sideways patterns for months while Bitcoin boomed, altcoins could soon become the focus of attention once again.&
As Cointelegraph reported, investors saw repeated losses against BTC across altcoin tokens, while Monday saw a rare move: Bitcoin dropped more against USD than many other cryptocurrencies.&
“I like the consensus of alts/btc pairs not dropping further, while Bitcoin does,” Crypto Michaël added.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap stood at $263 billion, with Bitcoin’s share dropping back below 70% in the wake of its weakness versus altcoins.