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.

Cryptocurrency market overview.  Source: Quantify Crypto
Cryptocurrency market overview. Source: Quantify Crypto

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.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

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