Bitcoin (BTC) Breaks $12k With Dominance Approaching 70%, Altcoins Are Posting Weakness

Weekend Bull Run Sees Bitcoin (BTC) Set New Year High, $9500 The Next Key Resistance

Bitcoin has extended its gains in the last 24 hours. This has seen the digital asset climb above $12K and further set a high of $12,200. The climb above $12K came after a spike in prices in a matter of minutes earlier in the morning.

To back the latest move is a daily volume which has again spiked to climb over $20 billion. Dominance is also on the rise and headed for 70% which further shows that the asset has great support. Over the next couple of days, these should help Bitcoin test its year high of $13K.

As we reported earlier, there is a chance that Bitcoin ends the week above $15K as predicted by Max Keiser. The long term bull stated a few days ago that confidence among central governments, central banks, and centralized, fiat money was at a multi-decade low.

This would give Bitcoin the boost to cross above new highs in the days to come. Just like Keiser predicted, we have seen both in the U.S and China, fiat money devalued breaking records of over a decade.

With Bitcoin now staring at a new YTD high, there is a good chance that once this is broken, $15K will easily be achievable.


Altcoins In A Shade Of Green And Red

The altcoins are today split with some posting gains and others posting marginal losses. This is clear with the two largest altcoins by market cap. Ethereum has extended its gains from yesterday by around 2% today. This sees the altcoin climb to $234, breaking the notorious $230 resistance position.

Ripple’s XRP, on the other hand, is recording a marginal drop from the last 24 hours. XRP has dropped by less than 3% and is exchanging for a little over $0.31.

As Bitcoin continues to dominate the market, more altcoins will continue slipping into the red zone as its dominance continues to overshadow all altcoins.