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Bitcoin Dominance Reaches 4-Month Peak as Altcoins Lose Momentum (Market Watch)

source-logo  cryptopotato.com 09 October 2023 09:13, UTC

Although BTC’s price movements have been quite boring over the past 48 hours, the asset’s dominance over the market has increased to 50% – the highest since June.

This comes as most alternative coins are trading in the red once again, with AVAX leading the way south (-3%).

BTC Dominance on the Rise

The beginning of last week was a lot more exciting for BTC, which pumped by over a grand and a half on Monday alone to tap a 6-week peak at over $28,600. However, it quickly lost its momentum and retraced back down to around $27,000.

The following few days were less volatile before the cryptocurrency started pumping once again on Thursday. However, the bears intercepted the move and pushed the asset south hard. By Friday, bitcoin had declined to $27,200 after failing to conquer the $28,000 level.

Another leg up came on Saturday morning when BTC jumped to $28,300. Nevertheless, it failed to keep going upwards and retraced back down to around $28,000, where it spent the rest of the weekend.

The past 24 hours didn’t bring a lot of volatility either, and BTC now stands just inches below $28,000. Its market cap has remained shy of $545 billion, but its dominance over the alts has risen to 50% for the first time since the early days of the summer.

Alts Slightly in the Red

The growing BTC dominance means that most alts have not performed well lately. Although there are no massive losers, the sentiment is still bearish, with red dominating almost all charts.

This includes minor price drops from the likes of Ethereum, Binance Coin, and Polkadot and slightly bigger declines charted by XRP, SOL, DOG, MATIC, LTC, and BCH.

Avalanche’s native token has dropped the most over the past 24 hours – 3.3%. As a result, AVAX now trades below $10.

The total crypto market cap has also seen a few billion gone within this timeframe and is still below $1.1 trillion on CMC.