Although the rest of the crypto market is currently bleeding after a green ride over the past few days, bitcoin, top cryptocurrency, Have seen a boom in your dominance. This surge in dominance comes alongside crypto price growth in the past.
As of March 16, bitcoin dominance is above 45%, reclaiming June 2022 levels, while June 2022 dominance is also expected to reach above 48%.
Bitcoin dominance surges, altcoins decline?
While an increase in BTC dominance may have Bitcoin Maxis on cloud 9, it may not be good news only for altcoin believers. This is because an increase in bitcoin dominance could mean that investors are losing interest in altcoins and shifting to top cryptos.
Not only that, while there has been an increase in Bitcoin The dominance could be a result of the looming US bank crisis that has attracted many to crypto as a way to store their funds, it could also mean that customers of traditional banks only see bitcoin as a prestigious store of value. Watching as a store, ignoring other altcoins.
Over the past week, bitcoin dominance has increased from 43% to 44% levels and has spiked to sit at 45.9% at the time of writing. While this indicates growing interest in bitcoin, BTC is still trading below $25,000 after hitting a nine-month high of $26,500 on Wednesday.
Despite the banking crisis which is getting deeper by the day, bitcoin price jumps After falling below the $20,000 mark, it is trading at $19,700 as of Friday last week with a drop of over 15% in the last 7 days when the crisis was just looming large.
Over the past week, bitcoin has increased its market cap by over $90 billion, pushing the global crypto market cap back above $1 trillion, while increasing its dominance by nearly 5% over the same time period.
Altcoins record decline
Over the past 24 hours, the altcoin market has seen a sharp decline with large altcoins by market cap such as Ethereum (ETH), Ripple (XRP), Cardano (ADA), Polygon (MATIC), and Dogecoin (DOGE) are down more than 1% respectively.
while writing ETH is down trading at $1,656, up 1.6% over the past 24 hours XRP 1.5% To trade at $0.363, ADA and MATIC are up 3.1% and 3.5%, respectively, trading at $0.325 and $1.13. Dogecoin (DOGE) and Solana (SOL) recorded the most losses among top altcoins, down 4% and 5.3%, respectively.
Meanwhile, among the larger altcoins, Binance Coin (BNB) has moved in the opposite direction with a 3% uptrend in the last 24 hours with a trading price of $313.
Featured image from Unsplash, chart from TradingView
Credit : www.newsbtc.com