Bitcoin continues to enhance its position gradually. Currently, it is hovering above $11,900. Nonetheless, double- and even triple-digit price pumps from many of the lower-cap altcoins continue to decrease BTC’s dominance to a yearly low of below 57%.
ETH Hits 2-Year High As Sushi Joins Top 100
Ethereum has doubled down on its recent price pump with another 10% increase. ETH now trades around $459 after surging earlier to $465. That is a price increase of 23% bottoming at $380 in the past week. That is the highest level Ether has gone since the summer of 2018. Now, the community wonders whether the second-biggest crypto can now move above $500.
Notably, Polkadot is among the most impressive gainers in the top ten with a 9% surge. Concurrently, Chainlink has plunged by 6% which means that DOT is closing down and may soon overtake LINK to reach the top 5.
Sushi, the governance token of the Uniswap fork, SushiSwap, has also reacted significantly to the rapid surge of the new trend in decentralized exchange protocols. SushiSwap just passed $1 billion locked in TVL. The token has exploded by 150% in the past 24 hours alone and made its way into the top 100.
Based on CoinGecko data, Sushi traded at $0.70 on August 29. Its price is currently perched above $7.50 which represents a three-day price surge of 1,000%. More gains are visible from Kusama (38%), BitShares (28%), Serum (27%), another Sushi-related coin – UMA (27%). Compound has gained 22% while Ren has increased by 19%. Tron is also rising gradually with a 15% surge that followed its partnership with Band Protocol announced on August 31.
On the contrary, after recording an all-time high of more than $5,500 several days ago, DFI.Money is currently retracing with an additional 16% dump that puts it at $3,500. Loopring has lost 9% while bZx Protocol (-8%), Flexacoin (-7%), and Ocean Protocol (-6%) are also dropping.
Bitcoin Tops $11.9K, Dominance At A Low
In the last 24 hours, Bitcoin first of all reached an intraday high of almost $11,800. At that zone, it got rejected and dumped to its daily low of almost $11,550 shortly after. But, the BTC bulls quickly took over again and pushed the flagship crypto further upwards to its current levels around $11,900.
Exploring the weekly charts, Bitcoin is up by around 7% since the low recorded on August 27 at $11,150. If bitcoin wants to continue with the price pump, it needs to take down the nearest resistance level that has formed at $12,000 before getting the opportunity to fight for a new yearly high above $12,450.
If it drops in value, it can rely on $11,600, $11,400, and $11,100 as the supports before the psychological line of $11,000.
These gains marked by the crypto are not quite enough for Bitcoin to protect its market dominance. The metric that is tracking BTC’s share relative that of the whole market has declined to a new yearly low of 56.7%.
BTC/USD Bullish SHS Variant On Intraday Charts
The bitcoin bulls are strong. At this moment, any pullback towards the POC might be used for buying. The POC zone has formed between $11,500 and $11,600 where new buyers are expected to join the market.
In this market, the bullish SHS variant pattern has now been completed and at the bottom of the right shoulder, it is evident that the price is going up. The new targets for the market are 11750, 11830, and 12000 zones. Experts say that the final weekly projection is $12,180. In the case that the price closes above it every week, the door towards $12,500 and $13,000 will be opened.