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According to CoinGecko data, Bitcoin, the largest cryptocurrency by market capitalization, is down 2.7% in the last 30 days, but a look at its yearly chart paints a more optimistic picture.
Bitcoin declined to a low of $109,907 on Sept. 1 after reaching an all-time high of $124,533 in August. The price rose thereafter, with Bitcoin reaching a high of $116,833 on Sept. 12, where it encountered resistance.
Since this date, the Bitcoin price has fluctuated in a range between $114,395 and $116,833 as its momentum partly stalled when investors traded cautiously ahead of the Federal Reserve’s interest rate decision this week.
Investors are awaiting the outcome of the Federal Reserve’s Federal Open Market Committee meeting, which begins on Tuesday and will conclude on Wednesday.
Bitcoin up 99% despite altcoin dominance shift
In a tweet accompanied by a chart screenshot, CoinGecko highlighted Bitcoin's surge on a one-year basis. The cryptocurrency is up 99% on a yearly basis, despite its drop in recent weeks.
At press time, Bitcoin was trading at $114,992, showing a slight positive change of 0.08% in the last 24 hours.
Amid Bitcoin's recent stall, Maartunn, a community analyst at on-chain data platform CryptoQuant, noted that altcoins (including Ethereum) are leading the dance as they gain volume dominance. According to a chart posted by Maartunn, altcoins make up 85.2% of total futures trading volume.
In an earlier tweet, Maartunn noted that altcoin speculation was heating up as the gap between BTC and Altcoin Open Interest recently hit a new high.
As altcoins gain dominance, it will be watched where this new shift leads the market.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team