Bitcoin dominance rises to 9-month high as altcoins pull back (weekend watch)

Bitcoin dominance continues to rise as most alts have crashed today, while BTC remains above $27,000.

ATOM, LDO and APT are among the biggest losers today, down as much as 7%.

Bitcoin dominance soars to new peaks

The US banking crisis, in which three banks were closed in a matter of days, and subsequent bailout speculation, as well as the US Federal Reserve. we lend $300 billion for certain banking institutions pushed BTC north this week.

The asset was just inches above $20,000 last Sunday, but began to advance as the business week began. After several consecutive massive rallies, the cryptocurrency traded above $26,000 for the first time in months on Tuesday.

He fell back by a couple thousand dollars over the next two days, but went on the offensive once more on Thursday and Friday. This resulted in a jump above $27,000 and reaching a new 9-month high in about $28,000,

Despite not being able to break above that line yet and falling slightly, BTC is still trading north of $27,000. Its market capitalization exceeds $520 billion, while its dominance over altcoins has reached its highest levels since June 2022 with over 45% in CMC.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Altcoins turn red

Altcoins have also seen notable gains in recent days, but most have pulled back today. Ethereum hit a multi-month high above $1,800, but a 2% daily drop has pushed it just below that level.

Binance Coin, Cardano, Solana, Tron, Shiba Inu, and Polkadot have declined by similar percentages. Dogecoin, Polygon, and Litecoin are down even more in one day.

However, the most significant losses come from ATOM, LDO, STX, FIL, and APT. All these assets have plummeted between 5% and 8%.

Naturally, the cumulative market capitalization of all crypto assets has seen a minor decline, with nearly $20 billion evaporated.

Overview of the cryptocurrency market.  Source: quantify crypto
Overview of the cryptocurrency market. Source: quantify crypto

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Cryptographic by TradingView.

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