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Although Bitcoin‘s price action has been relatively subdued over the past 48 hours, the asset’s market dominance has climbed to 50%—its highest level since June.
This shift occurs as most altcoins trade in the red once again, with Avalanche (AVAX) leading the downward movement, down 3%.
BTC Dominance on the Rise
The beginning of last week was more dynamic for Bitcoin, which surged by over $1,500 on Monday alone to reach a six-week peak above $28,600. However, it quickly lost momentum and retraced to around $27,000.
The following days were less volatile before the cryptocurrency rallied again on Thursday. Bears, however, intercepted the move and pushed the price sharply lower. By Friday, Bitcoin had declined to $27,200 after failing to break through the $28,000 resistance level.
Another upward move occurred on Saturday morning when Bitcoin jumped to $28,300. Nevertheless, it failed to sustain the upward trajectory and retraced to around $28,000, where it remained for the rest of the weekend.
The past 24 hours have also seen limited volatility, with Bitcoin now trading just below $28,000. Its market capitalization remains just shy of $545 billion, while its dominance over altcoins has risen to 50% for the first time since early summer.
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BTC/USD. Source: TradingView
Alts Slightly in the Red
The growing Bitcoin dominance indicates that most altcoins have underperformed recently. While there are no major losers, sentiment remains bearish, with red dominating most charts.
This includes minor price drops for Ethereum, Binance Coin, and Polkadot, as well as slightly larger declines for XRP, Solana (SOL), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), and Bitcoin Cash (BCH).
Avalanche’s native token has seen the steepest decline over the past 24 hours, dropping 3.3%. As a result, AVAX now trades below $10.
The total cryptocurrency market capitalization has also lost several billion dollars within this timeframe and remains below $1.1 trillion on CoinMarketCap.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is based on the views of quoted writers. It does not necessarily represent the opinions of CryptoPotato regarding whether to buy, sell, or hold any investments. Readers are advised to conduct their own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
