Bitcoin Dominance at 2-Month High as BTC Stands Firm Above $20K: Weekend Watch
Bitcoin’s dominance has recovered more than 2% in the past week or so and tapped a multi-month high as the asset maintains above $20,000.
This comes even though the altcoins experienced notable gains yesterday, but many have retraced hard today.
BTC Dominance Above 41%
Ever since bitcoin finally broke above $17,000 at the start of this week, the landscape around the asset has seemed significantly more bullish than it was at the end of 2022.
The past few days saw gains that the community hadn’t witnessed in months. The cryptocurrency first spiked above $18,000, overcame $19,000, and came close to $20,000 on Friday evening. The bulls initiated another leg up in the following hours that brought BTC to $21,250 (on Bitstamp).
This became its highest price tag in over two months and meant that bitcoin has recovered all losses from the FTX-Alameda fiasco. Despite losing some ground since that local peak, BTC still trades above $20,000, and its market capitalization is close to $400 billion amid ongoing speculations about the start of a new bull run.
Bitcoin’s dominance over the altcoins is also on the rise. The metric had fallen to 39% last week but has pumped to over 41% as of now for the first time since November 8.
Alts Retrace Today
The alternative coins charted notable gains yesterday, but most have turned red on a daily scale now. Solana was at the forefront of the rally, skyrocketing by 40% at one point. Thus, SOL painted a multi-month high of its own at above $23, but it’s currently below that level, following a 4.5% daily decline.
Binance Coin is down by a similar percentage and is just under $300. Ethereum has sustained above $1,500 even though it has retraced by 1.5%.
Ripple, Cardano, Dogecoin, Polygon, Polkadot, Litecoin, Shiba Inu, and Avalanche have lost the most value in a day by up to 7%.
The cumulative market cap of all crypto assets has retraced to $970 billion on CMC, but it touched $1 trillion yesterday on CoinGecko.
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