Bitcoin Tests $28K as BTC Dominance Highest Since June 2022 (Market Watch)

Bitcoin’s price is inching closer to $28,000, charting an increase of around 1% over the past 24 hours. This comes as most of the altcoins are trading flat over the same period.

It’s also worth noting that today’s market developments happen on the back of news of Silicon Valley Bank getting acquired and resuming operations today.

Bitcoin Price Tests $28K

BTC is up 1% on the day and is getting closer to the $28K mark. The cryptocurrency painted an intraday high of around $28,200 (on Binance) but has since retraced to where it currently trades at $27,800.

This comes on the back of news that Silicon Valley Bank (SVB) has a new owner in the face of First Citizens Bank & Trust Company- a financial institution based in North Carolina.

According to the press release by the FDIC, the bank’s offices will open doors today.

Per the release:

Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion. Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC.

Altcoins Flat, BTC Dominance Raises

One thing that’s important to note, not just for the past 24 hours but for the past couple of weeks, in general, is that Bitcoin’s dominance is increasing. This is the metric that tracks its share relative to that of the rest of the market and is an indicator of how BTC performs compared to altcoins.

Currently, BTC dominance stands at a high not seen since June 2022, indicating that it’s outperforming most of the alternative cryptocurrencies.

As seen in the heatmap above, most of the altcoins are either charting slight declines or are performing worst than BTC – with certain exceptions, of course.

That said, the best-performing cryptocurrency from the top 100 (by market cap) is NEO (+4.5%), followed by Rocket Pool’s RPL (+4.5%) and Mask Network’s MASK (+4.3%).

On the other end of the spectrum, there’s Loopring’s LRC (-4.6%), followed by DASH (-3.8%). In general, the past 24 hours weren’t as volatile, which is perhaps somewhat expected given that it was a Sunday.