Bitcoin’s lackluster price performance continues, as the leading cryptocurrency remains stagnant around the $26,000 mark. However, despite its own struggles, Bitcoin’s dominance over alternative cryptocurrencies has increased in the past 24 hours, surging to over 48%. This can be attributed to the further retracement of several altcoins within the same timeframe.
Last Thursday witnessed significant volatility in Bitcoin’s history, as its price plummeted from over $28,500 to $25,300, marking a new two-month low. This drop came after reports that Elon Musk’s SpaceX had sold off its remaining Bitcoin holdings. While Bitcoin initially recovered over $1,000 within the same day, it quickly retraced back to the $26,000 level by the weekend.
Since then, Bitcoin has remained stagnant, showing no significant movement. Its market cap has held steady at around $510 billion, but its dominance over altcoins has increased by nearly half a percentage point. This increase, however, is primarily due to the retracement of altcoins.
In line with Bitcoin’s performance, most altcoins also experienced significant declines during the Thursday sell-off and failed to make substantial recoveries over the weekend. Several altcoins, including Binance Coin, Cardano, Polkadot, Polygon, Shiba Inu, Avalanche, and LEO, are down by about 2-3% in the past day. MATIC has experienced the largest drop, falling over 4%. Litecoin is among the few altcoins that have seen minor gains within the past 24 hours, while OP has added a notable 4%.
Overall, the total market cap of cryptocurrencies has retraced slightly and is currently below $1.050 trillion. This market behavior indicates that Bitcoin’s dominance is growing, despite its own lackluster performance. As the cryptocurrency market continues to evolve, investors will closely monitor Bitcoin’s movements and the performance of altcoins.
Disclaimer: This article is not financial advice. The information provided is purely for informational purposes and should not be considered as investment advice.