Bitcoin stalls, but altcoins continue to rise
The cryptocurrency market has shown a heterogeneous dynamic in recent days. The industry's flagship - Bitcoin - is trading in a narrow range near the $70,000 mark, while a number of altcoins are showing noticeable growth.
For example, the Polkadot (DOT) rate has grown by more than 10% in the last 24 hours, updating its all-time high. A similar situation is unfolding with the Uniswap (UNI) token, which has added about 8% since the start of trading. At the same time, the Cosmos (ATOM) cryptocurrency is showing negative dynamics, losing about 5% per day.
Such a situation in the cryptocurrency market is not uncommon. Despite the fact that Bitcoin remains the main driver of the industry, individual altcoins, demonstrating higher volatility, periodically come to the fore. This may be due to both fundamental factors (news, updates, listings) and the redistribution of traders' funds between various assets.
Nevertheless, Bitcoin's dominance in the market still remains at a high level - around 40%. Therefore, in the long term, the further development of the entire cryptocurrency market will largely depend on the dynamics of the main cryptocurrency.