Bitcoin’s dominance in the cryptocurrency market continues to increase as the leading cryptocurrency remains stable above the $29K mark. As a result, altcoins are struggling to keep up with BTC’s performance, leading to a significant decline in their market share. This trend is being closely watched by investors and traders alike, as the market remains highly volatile in response to changing market conditions. Overall, BTC’s dominance is expected to continue, as more investors turn to this digital currency as a long-term investment option.
Bitcoin Price Maintains Stability above $29,000 this Weekend with No Major Price Moves
Bitcoin has maintained its stability for the past few days in terms of its price movement, firmly sticking above $29,000. Even the altcoins have remained relatively still over the weekend with no trading volume to drive any significant price movement. However, on a weekly scale, BTC continues to rise in dominance by over 1%.
BTC Starts the Week Strong before Retreating to $27,000
Last Monday, bitcoin experienced a sudden surge in price rising to $28,000. However, it was short-lived as it dropped back down to $27,000. It wasn’t until late Tuesday that the cryptocurrency started rising again and eventually reached $30,000 just hours later. Unfortunately, a rejection, driven by fake news, sent the price plummeting down by $3,000, returning to its previous position.
US Banking Issues Trigger a Uptick in BTC
Bitcoin’s price was pushed back up by the banking issues in the US, with BTC knocking on the $30,000’s door but failing once again to break through. Since then, the asset has remained relatively stable above $29,000, with no significant price movement in the past two days. As a result, BTC’s market cap has now touched $570 billion, and its dominance over the altcoins has risen over 1% since last week, now above 47%.
Alts Remain Calm while Lower Cap Alts See Substantial Gains
With no significant trading volume to drive any price movement for the altcoins, Ethereum has remained stable around $1,900. Other altcoins, such as Binance Coin, Ripple, Cardano, Polygon, Shiba Inu, and Avalanche, are slightly in the red. On the other hand, Dogecoin, Solana, Polkadot, Litecoin, and Tron have all marked insignificant daily gains. The only substantial gainer from the top 50 alts is HBAR, with a 4.5% daily increase.
Overall, even the lower cap alts remain calm, resulting in no movements for the total market cap, which currently stands slightly above $1.2 trillion.
Conclusion
Bitcoin has maintained its stability above $29,000 this weekend, driven by issues in the US banking sector. The altcoins continue to sit quietly, with no significant trading volume to drive any price movements. However, lower cap alts such as HBAR have still seen some gains. BTC’s dominance has risen over 1% since last week, standing at over 47%, while its market cap touches $570 billion.