CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Crypto newsletter: Will Altcoins threaten Bitcoin dominance?

12:27 10 July 2020
• Another uneventful week in the cryptocurrency market
• Some cryptocurrenices  exchanges experienced significant drop in volume
• Bitcoin dominance drops as Altcoins surge

Recent week was pretty much uneventful in the cryptocurrency market. Volatility is low as the price of major coins has been stuck in narrow ranges, barely managing to move up or down by more than few percent.
Major cryptos may be trading flat, however altcoins have performed relatively well.  The most improved altcoins include Ripple, Stellar, Chainlink, Cardano and Tezos. The growth of altcoins has been reflected in market dominance. Bitcoin's market dominance decreased to 62.8%. The capitalization of all digital assets in circulation reached $269 billion, while an average daily trading volume is registered at $67 billion.

Crypto exchanges see drop in volumes

 Cryptocurrency exchange Kraken reported that trading volume plunged by 31% since the beginning of the year, which resulted in a sharp decline in the cryptocurrency market volatility. Kraken also reported that within last 30 days Bitcoin's correlation to S&P 500 rose to 0.65, while the 30-day correlation with gold dropped to -0.49.

Bitcoin has been trading in a symmetrical triangle pattern and has just recently bounced off the upward trendline. If price will manage to break below  the lower limit of triangle pattern then first support to look for is located at $8600. However, if the bulls manage to take control of the market, resistance around $9770 may be at risk. Source: xStation5
 
Small cap coins have outperformed Bitcoin in 2020

According to the recent data provided by Arcane Research, so far this year small-cap coins have outperformed Bitcoin by nearly five times. The most popular cryptocurrency gained 27%, however, some smaller-cap coins like VeChain or Dogecoin grown five times faster. The experts note that those coins can be set in motion easily due to low liquidity. It takes far less capital to start the ball rolling and push them above the resistance levels. Many experts now predict the decrease of Bitcoin's dominance similar to what happened in 2017.
On Wednesday Ripple managed to break above the downward trendline and rally. Yesterday coin tried to extend gains however 200 MA (redline) proved to be too strong resistance for market bulls. During today’s session price returned to the aforementioned trendline. The question remains whether it will manage to fend off the bears. In case of a break lower major support can be found at 0.1656. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back
Xtb logo

Join over 1 Million investors from around the world

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 2 March 2024
adobe_unique_id cc 1 March 2025
test_cookie cc 1 March 2024
SESSID cc 9 September 2022
__hssc cc 1 March 2024
__cf_bm cc 1 March 2024
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
_gid cc 9 September 2022
_gat_UA-22576382-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
AnalyticsSyncHistory cc 8 October 2022
af_id cc 31 March 2025
afUserId cc 1 March 2026
af_id cc 1 March 2026
AF_SYNC cc 8 March 2024
__hstc cc 28 August 2024
__hssrc

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
muc_ads cc 7 September 2024
lang
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 28 August 2024

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description
personalization_id cc 7 September 2024
UserMatchHistory cc 8 October 2022
bcookie cc 8 September 2023
lidc cc 9 September 2022
lang
bscookie cc 8 September 2023
li_gc cc 7 March 2023

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language