Bitcoin Dominance Rises to 9-Month High as Altcoins Retrace (Weekend Watch)
Bitcoin’s dominance continues to increase as most of the alts have slumped today, while BTC maintains above $27,000.
ATOM, LDO, and APT are among the most substantial losers today, dropping by up to 7%.
Bitcoin Dominance Spikes to New Peaks
The US banking crisis, in which three banks were closed within days, and the subsequent bailout speculations as well as US Fed lending $300 billion to certain banking institutions, pushed BTC north this week.
The asset stood just inches above $20,000 last Sunday but started marching on as the working week began. After several consecutive massive rallies, the cryptocurrency found itself trading above $26,000 for the first time in months on Tuesday.
It retraced by a couple of grand in the next two days but went on the offensive once more on Thursday and Friday. This resulted in jumping above $27,000 and reaching a new 9-month high at almost $28,000.
Despite being unable to overcome that line yet and falling slightly, BTC still trades north of $27,000. Its market cap is above $520 billion, while its dominance over the altcoins has reached its highest levels since June 2022 at over 45% on CMC.
Altcoins Turn Red
The alternative coins experienced notable gains in the past few days as well, but most have retraced today. Ethereum went to a multi-month high of its own above $1,800, but a 2% daily drop has pushed it just under that level.
Binance Coin, Cardano, Solana, Tron, Shiba Inu, and Polkadot have declined by similar percentages. Dogecoin, Polygon, and Litecoin are down by even more in a day.
Nevertheless, the most significant losses come from ATOM, LDO, STX, FIL, and APT. All of these assets have plummeted by somewhere between 5% and 8%.
Naturally, the cumulative market cap of all crypto assets has seen a minor decline, with almost $20 billion evaporated.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Filed under: Bitcoin - @ March 19, 2023 9:49 am