BTC Dominance Rises Amidst Altcoin Decline
Bitcoin’s price has dipped towards $29,000 in the past 24 hours, but its dominance over altcoins has actually increased significantly. Many altcoins, including XRP, DOGE, SOL, UNI, and others, have experienced losses of up to 7%.
Key Points:
1. Bitcoin’s price reached a multi-week high of over $30,000 but couldn’t sustain its momentum and dropped by roughly $1,000 the following day.
2. Despite the release of US CPI numbers, Bitcoin remained stagnant on Thursday, unlike previous occurrences.
3. BTC failed to move out of a tight price range between $29,200 and $29,500 throughout the week, with the weekend also lacking increased volatility.
4. On Monday, there was a minor decline towards $29,100, followed by a price jump to $29,700 on Thursday. However, bears pushed BTC back down to $29,200.
5. Despite slipping below $570 billion in market cap, Bitcoin’s dominance over altcoins has increased to over 49%, adding almost 0.5% in a day.
Hot Take:
Bitcoin’s recent price fluctuations and dominance over altcoins highlight its continued influence and stability within the cryptocurrency market. While altcoins experience losses, Bitcoin maintains its position as the leading digital currency.
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