Bitcoin Dominance Rises to 9-Month High as Altcoins Retrace (Weekend Watch)

Bitcoin Dominance Rises to 9-Month High as Altcoins Retrace (Weekend Watch)

Bitcoin’s dominance continues to increase as most of the alts have fallen today, with BTC holding above $27,000.

ATOM, LDO and APT are among the biggest losers today, falling by up to 7%.

Bitcoin dominance spikes to new highs

The US banking crisis, in which three banks were closed within days, and the subsequent bailout speculation as well as the lending of $300 billion to certain banking institutions, pushed BTC northward this week.

The asset was just inches above $20,000 last Sunday, but began to march on as the work week began. After several consecutive massive rallies, the cryptocurrency found itself trading above $26,000 for the first time in months on Tuesday.

It went back by a couple of thousand over the next two days, but went on the offensive again on Thursday and Friday. This resulted in jumping above $27,000 and reaching a new 9-month high of almost $28,000.

Despite not being able to overcome that line yet and falling a bit, BTC is still trading north of $27,000. Its market cap is over $520 billion, while dominance over altcoins has reached its highest levels since June 2022 at over 45% at CMC.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Altcoins turn red

The altcoins have also experienced notable gains in recent days, but most have bounced back today. Ethereum hit its own multi-month high above $1,800, but a 2% daily drop has pushed it just below that level.

Binance Coin, Cardano, Solana, Tron, Shiba Inu and Polkadot have fallen by similar percentages. Dogecoin, Polygon and Litecoin are down by even more in a day.

See also  Decline in Bitcoin-denominated open interest rates sees funding rates fall below neutral

Nevertheless, the most significant losses come from ATOM, LDO, STX, FIL and APT. All of these assets have fallen by somewhere between 5% and 8%.

Naturally, the cumulative market capitalization of all crypto assets has seen a minor decline, with nearly $20 billion evaporated.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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