Bitcoin (BTC) Dominance Reclaims June 2022 Levels As Altcoins Plummet
16 Mars 2023 - 06:00PM
NEWSBTC
While the rest of the crypto market is currently in a bleeding
state following the joyful green ride over the past few days,
Bitcoin, the top cryptocurrency, has seen a surge in its dominance.
This spike in dominance comes alongside the crypto price increase
in the past day. As of March 16, Bitcoin dominance is well above
45% reclaiming the June 2022 levels while also looking to reach the
June 2022 dominance high of just above 48%. A Surge in Bitcoin
Dominance, A Plummet In Altcoins? While the increase in BTC
dominance may cause Bitcoin maxis to be on cloud 9, it might not
just be good news to altcoin believers. This is because a rise in
Bitcoin dominance could mean investors are giving up interest in
altcoins and relocating to the top crypto. Moreover, while the
increase in Bitcoin dominance could be a result of the rising US
bank crisis which has made many attracted to crypto as a way to
store their funds, it could also mean that customers from
traditional banks are only seeing Bitcoin as a reputable store of
value, ignoring other altcoins. Over the past week, Bitcoin
dominance has picked up from the 43% to 44% levels and has spiked
to sit at 45.9%, at the time of writing. Though this indicates a
rising interest in Bitcoin, BTC still trades just below $25,000
after tapping a nine-month high of $26,500 on Wednesday. Related
Reading: Credit Suisse Shares Drop Nearly 25%, Is Bitcoin Gearing
For Another Rally? Regardless of the banking crisis that seems to
be worsening each day, Bitcoin price has spiked by more than 15% in
the past 7 days after falling below the $20,000 mark to trade at
$19,700 as of last week Friday when the crisis was just gearing
up. In the past week, Bitcoin has added more than $90 billion
to its market cap, pushing the global crypto market cap back above
$1 trillion while also increasing its dominance by nearly 5% over
the same time period. Altcoins Records Decline Over the past
24 hours, the altcoin market has seen sharp declines with larger
altcoins by market caps such as Ethereum (ETH), Ripple (XRP),
Cardano (ADA), Polygon (MATIC), and Dogecoin (DOGE) are down by
more than 1% respectively. Related Reading: XRP Price
Prediction: Topside Bias Vulnerable Unless It Surges Past $0.38 At
the time of writing ETH is down 1.6% in the last 24 hours to trade
at $1,656, XRP by 1.5% to trade at $0.363, ADA and MATIC by 3.1%,
and 3.5%, respectively, with a trading price of $0.325 and $1.13.
Dogecoin (DOGE) and Solana (SOL) recorded the highest loss among
top altcoins, down 4% and 5.3%, respectively. Meanwhile, out of the
larger altcoins, Binance Coin (BNB) has moved in the opposite
direction with an upward movement up by 3% in the last 24 hours
with a trading price of $313. Featured image from Unsplash, Chart
from TradingView
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Nov 2023 à Déc 2023
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Déc 2022 à Déc 2023