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Saturday, June 15, 2024

Bitcoin Dominance Dwindles as BTC Struggles to Reclaim $43K (Market Watch)

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Bitcoin has increased slightly over the past 24 hours but is still unable to decisively reclaim the $43,000 level.

The altcoins have also produced untypically low levels of volatility, with SOL jumping by almost 3%, while TRX and LINK have retraced by similar percentages.

BTC Dominance Drops

It was precisely a week ago, when the US SEC’ X account was compromised, and fake posts emerged that the agency had approved all spot BTC ETF applications. This resulted in a price surge, which was halted immediately when SEC chair Gary Gensler said it was fake news due to the hack.

A day later, though, the Commission indeed greenlighted 11 such products. BTC soared from $45,000 to almost $48,000 before it retraced back down to its starting point. The volatility increased further on Thursday when the ETFs launched on US markets. In a matter of minutes, the cryptocurrency skyrocketed to a 21-month peak of over $49,000.

However, that was short-lived, and the asset slumped by over seven grand in the next 36 hours. Since then, BTC has remained relatively calm, with minor price movements around the $43,000 mark. The past 24 hours saw an attempt to overcome that line, but to no avail so far.

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Consequently, BTC’s market cap has remained at around $840 billion, but its dominance over the altcoins has dumped to 49.8% on CMC. It’s worth noting that the metric was standing tall above 53% last week.

BTCUSD. Source: TradingView

Alts Stand Still

Despite being known for substantial volatility in general, the altcoins have also remained relatively still over the past few days. ETH, BNB, AVAX, DOGE, and DOT are slightly in the green from the larger-cap alts, while XRP, ADA, and MATIC have seen insignificant losses.

Solana and Toncoin have gained the most from this cohort of digital assets. SOL is up by 3% and sits above $97, while TON has gained 5% and trades north of $2.4. Tron and Chainlink have declined by around 3% each.

The total crypto market cap has erased yesterday’s losses of $10 billion and is up to $1.690 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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