After yet another negative development from China, BTC fell by more than $ 1,000 but rebounded and is close to $ 35,000 again. However, its dominance has shrunk further as some altcoins, including ETH, BNB, DOT, UNI, and LINK, have seen impressive gains.
London Hard Fork Date helps ETH achieve a maximum of 3W
Aside from a few brief retracements from yesterday, most of the altcoin industry recorded impressive gains, especially DeFi-related tokens, as reported yesterday.
However, ETH has also enjoyed the past few days after recovering from the drop below $ 2,000. In the past 24 hours alone, it has dropped from a daily low of $ 2,250 to its current level of nearly $ 2,400, which is its highest price line since June 17.
This comes amid Ethereum developer Tim Beiko’s confirmation that the long-awaited London hard fork will take place on August 4 with block 12,965,000.
Binance Coin has also seen impressive gains in the past 24 hours, with a three-week high jump to $ 335.
Polkadot (5%), Uniswap (3%), Bitcoin Cash (1%), Solana (2.5%) and Chainlink (5%) are in good position, while Cardano, Ripple, Dogecoin and Litecoin have stalled in the last 24 hours.
For the second consecutive day, the KuCoin token grew the most with another 30% increase. KCS is trading above $ 14 as it has risen nearly 100% in the past week.
Harmony (20%), Decentraland (17%), FTX Token (14%), Kusama (14%), Enjin Coin (13%) and Terra (12%) follow.
Bitcoin recovers the Chinese decline
After the positive weekend, bitcoin fell lower on Monday, dropping to just over $ 33,000. However, the bulls regained control and pushed the cryptocurrency to around $ 35,000 yesterday.
However, another round of negative news from China and its central bank brought the bears back into play. Within hours, BTC once again headed south losing more than $ 1,000.
However, it appears that bitcoin is becoming less affected by these frequent ban reminders from the world’s most populous nation as the asset recouped its losses just as quickly.
As a result, it is once again trading at just under $ 35,000 and its market cap is over $ 650 billion.
However, rising altcoins have reduced BTC’s dominance. The metric dropped to 44.1%, as it was well over 46% earlier this week.
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