Bitcoin Dominance Rises to 2-Month High as Markets Cool Off Following Massive Gains (Market Watch)

9 months ago 3

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After several days of charting substantial gains and volatile price movements, Bitcoin has finally calmed at just over $62,000.

Most altcoins went along the rollercoaster ride but have stalled on a daily scale now, aside from LTC, LEO, and TAO from the larger caps.

BTC Stalls, Dominance Rises

A lot can be said about the current business week as the entire landscape in the crypto markets has changed. Just last weekend, BTC had stalled at around $51,000 and $52,000 and was unable to break above the latter.

However, the bulls began a massive rally starting on Monday that resulted in gaining several thousand dollars in hours. By Tuesday, the cryptocurrency had soared to almost $60,000. That level was finally breached on Wednesday, and the rally took BTC all the way up to $64,000.

This became its highest price tag in more than two years. However, it was met with a violent rejection that pushed Bitcoin south by over five grand in minutes, leaving millions in liquidations.

Nevertheless, BTC managed to recover some ground on Thursday and even challenged $64,000 once again, but to no avail. It calmed in the following hours and now trades inches above $62,000.

Its market cap, which placed it among the top 10 largest financial assets, is still well above $1.2 trillion. Its dominance over the alts has risen by 5% since February 27 and now stands at a two-month peak of 50.5% on CoinGecko.

Alts Calm, too

The alternative coins skyrocketed as well in the past few days. Ethereum led the charge with gains that took it to well over $3,400. Although it still trades above that line, ETH is now 1% down on the day. So are BNB, XRP, ADA, TRX, and LINK.

Slightly bigger retracements are evident from the likes of Avalanche, Dogecoin, Polkadot, Polygon, and Shiba Inu. In contrast, SOL has continued its run with another 3% increase that has pushed it to nearly $135.

The total market cap, which also charted a multi-year peak at $2.450 trillion, is now slightly down, but it is still above $2.4 trillion on CG.