Altcoins Blast Higher as Bitcoin Stagnates Near Local Price Top

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A growing short-term bias conflict in the Bitcoin market led traders seeking opportunities in rivaling crypto assets. The Bitcoin Dominance Index, which pits the flagship cryptocurrency’s market capitalization against the rest of the crypto market, fell to its two-month low on Friday. The index’s move downside appeared as traders pumped the altcoin market by up to $25 billion. In comparison, Bitcoin attracted roughly $14.77 billion within the same timeframe. Bitcoin Dominance Index fell through previous support levels. Source: BTC.D on TradingView.com The latest capital shift appeared as Bitcoin failed to hold itself past $38,000 for the third time in less than a month. Many traders anticipated a broader price move towards $40,000, with a primary upside target lurking the previous record high near $42,000. Nonetheless, a stronger US dollar and the prospects of a quicker US economic recovery kept demand for safe-havens dim, limiting Bitcoin’s gains. The BTC/USD exchange rate…

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