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Bitcoin Price Wobbles Toward $10K as Altcoins Push Dominance Under 70%

Bitcoin Price Wobbles Toward $10K as Altcoins Push Dominance Under 70%

The Cointelegraph ​

Cryptocoins News / The Cointelegraph ​ 31 Views

An unusual landscape saw Bitcoin lose market prowess to altcoin tokens on Monday, putting in heavier losses.

Monday, Sept. 9 — The price of Bitcoin (BTC) was testing support at $10,000 again after the largest cryptocurrency’s latest bull run broke down over the weekend.&

Market visualization

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 7-day price chart

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 (ETH), the largest altcoin by market cap, fell 1.8% on the day to hit $180, while XRP shed 1.15% and Litecoin (LTC) 1.3%.&

Ether 7-day price chart

Ether seven-day price chart. Source: Coin360

Some tokens fared slightly worse — with Bitcoin SV (BSV) dropping 3%, while EOS (EOS) managed to produce above-average gains of 6.3%.

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.

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