Bitcoin’s Market Dominance Surges to Highest Level in 3 Years as Price Holds at $60K
Bitcoin faced resistance near $63,000 but managed to hold above $60,000 following a quick pullback. Meanwhile, altcoins like XRP, ETH, and SOL experienced sluggishness, with TON being a standout performer with a more than 4% increase.
BTC dominance saw an uptick during the past weekend, marked by a significant correction that began on Friday, causing the price to drop from $66,000 to just below $60,000 by Sunday. The situation worsened on Sunday with a further decline to $57,000. The lowest point came on Monday when the price dipped to under $50,000, its lowest in about six months.
However, the bulls intervened at this juncture, preventing further downward movement. BTC started to recover, reaching $53,000 on Tuesday and climbing to $57,000 by Thursday. By Friday, another surge pushed the cryptocurrency to nearly $63,000.
Despite these gains, Bitcoin failed to sustain its momentum and retraced towards $60,000. Nevertheless, it managed to defend this level and is currently trading around $700 above it. The market cap slightly decreased to $1.2 trillion, but Bitcoin’s dominance over other cryptocurrencies continued to rise, reaching 54% on CoinGecko, the highest since April 2021.
Among the major altcoins, Ethereum saw a minor decline of over 1% in the last 24 hours but remained above $2,600. Solana and Ripple experienced drops of 2-3% to $155 and $0.58, respectively. DOGE, AVAX, SHIB, and ADA also showed slight declines. In contrast, TON surged by more than 4%, trading above $6.7. CRO emerged as the top gainer among mid-cap altcoins, with a surge of over 9%.
The total crypto market cap retraced slightly, now standing at $2.217 trillion on CG. Despite the fluctuations, the cryptocurrency market continues to display resilience and remains dynamic in response to various market forces.
