BTC Dominance Hits 50% as Altcoins Struggle
Bitcoin’s dominance over the crypto market has reached 50%, its highest level since June. While BTC’s price has been relatively stagnant in the past 48 hours, most alternative coins (altcoins) are trading in the red. Leading the decline is Avalanche (AVAX), which has dropped by 3%.
BTC’s Rollercoaster Week
Last week started off with excitement for BTC as it surged by over $1,500 on Monday, reaching a six-week high of over $28,600. However, it quickly lost momentum and fell back to around $27,000. The following days were less volatile, but BTC attempted another rally on Thursday, only to be pushed down by bears. By Friday, it had dropped to $27,200 after failing to break through the $28,000 level. On Saturday, BTC briefly jumped to $28,300 before retracing back to around $28,000 for the rest of the weekend.
Alts Feeling the Pressure
The increasing dominance of BTC has not been favorable for most altcoins. Ethereum, Binance Coin, Polkadot, XRP, SOL, DOG, MATIC, LTC, and BCH have all seen minor to moderate price drops. Avalanche (AVAX) has experienced the biggest decline of 3.3%, now trading below $10.
Total Market Cap Takes a Hit
The overall cryptocurrency market cap has also seen a decrease in the past 24 hours and remains below $1.1 trillion on CoinMarketCap.
Hot Take: BTC Dominance Reflects Uncertainty in Altcoin Market
Bitcoin’s rising dominance suggests that investors are turning to the leading cryptocurrency as a safe haven amid uncertainty in the altcoin market. While BTC has maintained its market cap and dominance, altcoins have struggled to gain traction. This trend highlights the importance of monitoring BTC’s movements and its impact on the broader crypto market.
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