Bitcoin Extends Dominance Over Alts as BTC Stable Above $29K: Market Watch
The past few days of April did not bring any substantial price moves in either direction for bitcoin, which remains north of $29,000.
The altcoins are also calm during the weekend as the trading volume has disappeared. On a weekly scale, though, BTC’s dominance has risen by over a percentage.
BTC Maintains $29K During Weekend
This weekend resembles the previous one in terms of lack of volatility, aside from BTC’s highest price point. Last Monday began with bitcoin jumping to $28,000, but that was short-lived, and the asset returned to $27,000.
It wasn’t until late Tuesday, when the cryptocurrency began its ascend, that drove it to $30,000 just hours later. Yet, the rejection at that point, albeit driven by fake news, drove it south hard by $3,000, and BTC returned to its previous price position.
The US banking issues, though, pushed it back north, and bitcoin found itself knocking on $30,000’s door but to no avail once again. Since then, the asset has remained relatively stable at over $29,000, and the past two days were no exception.
As such, BTC’s market cap has touched $570 billion, while its dominance over the altcoins has recovered over 1% since last week and is above 47% now.
Alts Sit Calmly
The trading volumes during the past few weekends have been lacking, and this one is no exception. As such, most of the alternative coins have failed to produce any notable price movements in either direction.
ETH remains at $1,900 after going above $2,000 and under $1,800 earlier this week. Binance Coin, Ripple, Cardano, Polygon, Shiba Inu, and Avalanche are slightly in the red.
In contrast, Dogecoin, Solana, Polkadot, Litecoin, and Tron have all marked insignificant daily gains.
HBAR is the only substantial gainer from the top 50 alts, with a 4.5% daily increase.
Overall, though, even the lower cap alts sit quietly today, which has resulted in no movements for the total market cap. The metric stands inches above $1.2 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post Bitcoin Extends Dominance Over Alts as BTC Stable Above $29K: Market Watch appeared first on CryptoPotato.
Filed under: Bitcoin - @ April 30, 2023 8:48 am