Bitcoin Price Edges to $30K: Logs 700 percent of Profit margin After March Low

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After an amazing year of 2020 for BTC, Bitcoin starts the new year eyeing $30K. Bitcoin dominance record highs as most alternative coins are left behind.

After a brief dip beneath $29K, BTC surged another leg to a fresh all-time high and came just a step away from the coveted $30,000 price tag. Most alternative coins have failed to follow bitcoin’s moves, and BTC’s dominance over the market has increased to 71%.

Bitcoin records an unbelievable ROI of approximately 700% since the 2020 low recorded on the 13 of March – the Black Thursday. On that date, Bitcoin plunged to $3650 on BitMEX. However, since then, the primary cryptocurrency sees only one bullish direction.

Bitcoin’s New ATH: $30K Soon?

The primary cryptocurrency ended 2020 with a widely bullish sentiment and consecutive all-time highs just around the $29K mark. The new year began even more promising for the asset as it broke the previous records by jumping to $29,550 yesterday.

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In the past 24 hours, bitcoin dropped to an intraday low of $28,720 (Bitstamp). However, the bulls intercepted the move and didn’t allow any further declines. Just the opposite, BTC shot back up and reached yet another ATH of over $29,928 (as of writing these lines).

Being so close to the $30,000 mark, the community speculates if the cryptocurrency could break above it by the end of the day.

Data shared by the analytics firm Santiment supported this bullish trend, suggesting more bullish price developments for BTC.

The number of daily active addresses reached a near 3-year high on 30th and 31st of December 2020. Santiment classified this as a “very encouraging sign for BTC longs starting off 2021.”

Bitcoin Daily Active Addresses / Price. Source: Santiment
Bitcoin Daily Active Addresses / Price. Source: Santiment

Trailing Altcoins Increase BTC’s Dominance

While BTC continuously heads towards new highs, most alternative coins have failed to come along on the ride. Ethereum, Bitcoin Cash, and Binance Coin are situated at practically the same price spots as yesterday.

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Ripple (2.5%) and Chainlink (2.5%) have added slight gains, while Cardano (-2.7%) and Litecoin (-2.7%) have lost some value.

Polkadot is the most substantial loser from the top ten. After several days of increases that led to a new ATH of $9.5, DOT has dropped by 7% to $8.4, as of writing these lines.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

Further gains are evident from lower- and mid-cap altcoins. Ontology leads with a 6% increase. Crypto.com Coin (5.5%), Siacoin (5%), Band Protocol (5%), and OKB (5%) follow.

Nevertheless, bitcoin has expanded its dominance over the market. The metric comparing BTC’s market capitalization with all other cryptocurrencies has risen to 71%.

-cryptopotato

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