Bitcoin Dominance at 2-Month High with BTC Remaining Above $20K: Weekend Watch

Bitcoin’s dominance has rebounded more than 2% in the past week or so, hitting a multi-year high as the asset holds above $20,000.

This comes even though altcoins made notable gains yesterday, but many of them fell sharply today.

BTC control at 41%

Since bitcoin finally broke above $17,000 earlier this week, the landscape around the asset has looked even more bullish than it did at the end of 2022.

The past few days have seen gains that the community has not seen in months. The value of the cryptocurrency first peaked above $18,000, crossed $19,000 and approached $20,000 Friday night. The bulls started another movement in the following hours which brought BTC to $21,250 (on Bitstamp).

This became the highest price in more than two months and means that Bitcoin has recovered all the losses from the FTX-Alameda fiasco. Despite losing some ground since the local peak, BTC is still trading above $20,000, and its market capitalization is approaching $400 billion amid ongoing speculation about the start of a new bullish wave.

Bitcoin’s dominance over altcoins is also on the rise. The measure fell to 39% last week but pumped over 41% for the first time since November 8th.

Bitcoin dominance. Source: CoinMarketCap

Restore Alt today

Altcoins posted notable gains yesterday, but most of them have turned red on a daily scale now. Solana has been leading the way, up 40% at one point. Thus, SOL charted a multi-month high above $23, but it is currently below that level, after a daily drop of 4.5%.

Binance Coin dropped by a similar percentage and just under $300. Ethereum held above $1,500 despite its 1.5% decline.

Ripple, Cardano, Dogecoin, Polygon, Polkadot, Litecoin, Chiba Inu and Avalanche lost the most value in one day by up to 7%.

The cumulative market capitalization of all crypto assets is back at $970 billion on CMC, but hit $1 trillion yesterday on CoinGecko.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto

Bitcoin Dominance Then At 2-Month High As BTC Stands Steady Above $20K: Weekend Watch debuts on CryptoPotato.

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