Bitcoin’s price remains stagnant at around $26,000, but its dominance over altcoins has increased to over 48% in the past 24 hours. Last Thursday, Bitcoin experienced significant volatility, dropping from over $28,500 to $25,300 after news broke that Elon Musk’s SpaceX had sold its remaining Bitcoin holdings. While Bitcoin initially recovered, it retraced back to $26,000 by the weekend and has remained stagnant since then. Despite this, its market cap remains close to $510 billion. The increase in Bitcoin’s dominance over altcoins can be attributed to the retracement of altcoin prices.
Key Points:
1. Bitcoin’s price has remained stuck at around $26,000.
2. Bitcoin’s dominance over altcoins has increased to over 48% in the past 24 hours.
3. Bitcoin experienced significant volatility last Thursday, dropping to a two-month low.
4. Bitcoin initially recovered but retraced back to $26,000 by the weekend.
5. Bitcoin’s market cap remains close to $510 billion.
Hot Take:
Bitcoin’s stagnant price and increased dominance over altcoins may indicate a lack of confidence in the overall cryptocurrency market. Investors may be turning to Bitcoin as a safe haven amidst the volatility of altcoins. However, the lack of movement in Bitcoin’s price raises concerns about its ability to break out of its current range and make significant gains.
By
By
By
By
By