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

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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.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
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Cryp­tocur­ren­cy charts by TradingView. 

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