Bitcoin dominance hits 9-month high as altcoins retrace (Weekend Watch)

Bitcoin dominance continues to grow as most alts fall today, while BTC remains above $27,000.

ATOM, LDO, and APT were among the biggest losers today, with losses of up to 7%.

Bitcoin Dominance Reaches New Peaks

The US banking crisis, which saw three banks shut down within days, and subsequent bailout speculation that the US Fed loaned $300 billion to some banking institutions, pushed BTC north this week.

The asset was a few inches above $20,000 last Sunday but started marching as the working week began. After several consecutive massive rallies, the cryptocurrency traded above $26,000 for the first time in months on Tuesday.

It retreated somewhat gracefully over the next two days but went on the offensive once again on Thursday and Friday. This resulted in a jump above $27,000 to a 9-month high near $28,000.

Despite being unable to cross that line so far and falling slightly, BTC is still trading north of $27,000. Its market capitalization is above $520 billion, while its dominance of altcoins has reached over 45% on CMC, its highest level since June 2022.

BTCUSD. Source: TradingView

Altcoins turn red

Alternative coins have experienced notable gains over the past few days as well, but most have retreated today. Ethereum rose to a multi-month high above $1,800, but a 2% daily decline pushed it below that level.

Binance Coin, Cardano, Solana, Tron, Shiba Inu, and Polkadot declined by similar percentages. Dogecoin, Polygon and Litecoin are down even more in a day.

Nevertheless, the most significant losses come from ATOM, LDO, STX, FIL and APT. All these assets have declined somewhere between 5% to 8%.

Naturally, the cumulative market cap of all crypto assets has seen a slight decline, with roughly $20 billion evaporated.

Cryptocurrency market overview.  Source: Quantify Crypto

Cryptocurrency market overview. Source: Quantize Crypto Special Offer (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).

PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to receive up to $7,000 on your deposit.

Disclaimer: Information found on Cryptopotatoes is from the cited authors. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before taking any investment decision. Use the information provided at your own risk. See disclaimer for more details.

cryptocurrency chart by TradingView.