Bitcoin Dominance At 6-Month Low As Altcoins Stand Strong: Wednesday Crypto Market Watch

Most of the altcoins are trading in the green over the past 24 hours. Bitcoin, on the other hand, remains somewhat stagnant at around $9,200. Consequently, BTC’s dominance dropped to 64.5%, which is the lowest it has been since July 2019.

Altcoins Compared To Bitcoin. Source: coin360.com
Altcoins Compared To Bitcoin. Source: coin360.com

The sentiment within the community is shifting quickly, hinting at a possible new altcoin season. This was reaffirmed yesterday with two polls indicating that 50% of cryptocurrency traders hold mainly alternative coins, instead of Bitcoin.

Among the top 10 coins by market capitalization, Ripple stands the tallest with an 11% surge. XRP passed through two resistance levels at $0.26 and $0.274 and settled at around $0.278, where it currently trades. We have yet to see if the cryptocurrency will be able to shoot for $0.30.

As CryptoPotato reported yesterday, the most popular Bitcoin margin trading exchange, BitMEX, added a perpetual contract on the XRP token, allowing users to trade it against USD as well.

XRP/USD 1h. Source: TradingView
XRP/USD 1h. Source: TradingView

Ethereum is also in the positive with an increase of 1.41% and is currently trading above the $190 mark. Similarly, Litecoin ($69) and EOS ($4.25) marked gains of around 1.5% in the last 24 hours.

Binance Coin is up with over 2% and is approaching $19. TRON ($0.02) and Stellar ($0.06) also noted impressive gains with 4.7% and 6.5%, respectively.

Contrary, Bitcoin SV is the only coin in red in the top 20 with a decline of 1.5% and is trading at $270.

Major Crypto Headlines

Twitter Introduces Special Bitcoin Emoji: CEO Jack Dorsey Proudly Presents On His Own Profile. One of the largest social media platforms, Twitter, recently created a Bitcoin Emoji. Moreover, Jack Dorsey, the CEO of the company, showed further endorsement by sharing it on his personal profile page.

4X Faster Crypto Transactions: Welcome To MIT’s Spider Off-Chain Routing Scheme. MIT researchers announced that they had developed a significantly more efficient system for routing cryptocurrency transactions, called “Spider.” According to them, by using this scheme, transaction speed could be four times faster than ever before.

Amid BREXIT: UK Makes It Cheaper To Start A Cryptocurrency Business. The UK officially left the European Union on January 31st, 2020. Yet, it has amended existing regulations to reduce the registration fees for cryptocurrency-related businesses, making the creation of smaller companies cheaper.

Significant Daily Gainers and Losers

KickToken (21%)

KICK shines above the rest of the cryptocurrencies in the top 100 with gains of 21% against both USD and BTC. The price jump also means that KICK’s total market cap is north of $88 million. On February 3rd, the company announced that its ecosystem has reached a new milestone, having over 400,000 users.

Decentraland (20%)

MANA is also noting a positive day in terms of gains against the dollar and the largest cryptocurrency. It rises with 20% compared to both, currently trading at 0.047 USD and 514 SAT. MANA has also entered the top 100 coins by market cap since its own has surpassed $50 mil.

Decentraland recently published the latest technical updates, and its Public Launch is scheduled to be on February 20th.

ICON (-17.23%)

Yesterday, ICON surged to $0.60 and, rather expectedly, is retracing today to the current level of $0.44, meaning a daily drop of 26%. The decline against Bitcoin is similar, and ICX is trading at 4761 SAT.

Last week, the ICON Foundation announced that it will integrate its public chain with Chainlink.

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