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First Mover Asia: Bitcoin Edges Toward $58K; Altcoins Recover From 7-Day Lows
The dominance of the largest cryptocurrency by market capitalization dipped to 42%, far off its October high.
Updated May 11, 2023, 4:27 p.m. Published Nov 23, 2021, 11:30 p.m.
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Good morning. Here’s what’s happening this morning:
Market moves: Bitcoin edged toward $58,000 as altcoins and other layer 1 tokens recovered from seven-day lows.
STORY CONTINUES BELOW
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Technician’s take: Momentum is improving as oversold readings appear on the chart.
Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.
Prices
Bitcoin (BTC): $57,550 +1.82%
Ether (ETH): $4,346 +5.93%
Market moves
Bitcoin struggled to move above $58,000 during U.S. trading hours on Tuesday, while alternative cryptocurrencies (altcoins), including ether and other layer 1 tokens recovered to above their seven-day lows.
As a result, the bitcoin dominance chart, which shows the extent of the crypto’s dominance over the rest of the market, continued to signal a bias toward altcoin exposure, according to TradingView, down to roughly 42.31% from October’s high at 47.41%.
Lucas Outumuro, head of research at blockchain analytics firm IntoTheBlock, noted a stronger correlation between the stock market and ether than between stocks and bitcoin.
“Bitcoin is struggling to consolidate as an inflation hedge but is also not following risk assets, which may be leaving some investors uncertain,” Outumuro said. “Ether has been more closely correlated to stocks, which suggests investors [are] treating it more like a risk-on trade.”
On the traditional markets, technology stocks moved the S&P 500 lowered on Tuesday, which could have a negative impact on the crypto market on Wednesday.
Technician’s take
Bitcoin Holds Support at $56K, Resistance at $60K-$63K
Bitcoin appears to be oversold, which could support a brief rise toward the $60,000-$63,000 resistance zone.
The cryptocurrency has held short-term support at about $56,000 as selling pressure has stabilized.
The relative strength index (RSI) is rising from oversold levels, similar to what happened on Oct. 27, which preceded a price recovery. On the daily chart, the RSI is approaching oversold levels for the first time since late-September.
Further, bitcoin’s correction from an all-time high of nearly $69,000 appears to be exhausted, which could encourage buyers to return. Momentum is improving into the Asian trading day, although resistance at around $63,000 could limit further upside over the short term.
Important events
8:30 a.m. (HKT/SGT (8:30 a.m.): Japan Manufacturing PMI (purchasing managers index)
8:40 a.m. HKT/SGT (12:40 a.m.): Speech by Michele Bullock, the Assistant Governor (Financial System) at the Reserve Bank of Australia
CoinDesk TV
In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:
“First Mover” hosts spoke with Crypto.com CEO Kris Marszalek as crypto exchanges go on a sports sponsorship binge. Katie Stockton, Fairlead Strategies technical analyst, shared her insights on market movements. Plus, Lukas Enzersdorfer-Konrad, Bitpanda chief product officer, explained the new partnerships with French mobile financial services super-app Lydia to facilitate access to digital asset investing for everyone.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
Ano ang dapat malaman:
- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
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