Bitcoin dominance at 2-month high as BTC stands firm above $20,000: weekend watch

Bitcoin dominance has rallied more than 2% over the past week to hit a multi-month high as the asset remains above $20,000.

This comes despite altcoins posting notable gains yesterday, but many have pulled back sharply today.

BTC dominance over 41%

Since bitcoin finally broke above $17,000 earlier this week, the landscape around the asset has seemed significantly more bullish than it was at the end of 2022.

In the past few days, there have been wins that the community hadn’t seen in months. The cryptocurrency initially surged above $18,000, breaking through $19,000 and approaching $20,000 on Friday night. The bulls initiated another surge in the hours that followed, taking BTC to $21,250 (on Bitstamp).

This became its highest price in over two months and meant Bitcoin has recouped all losses from the FTX Alameda fiasco. Although BTC has lost some ground since that local top, it is still trading above $20,000 and its market cap is close to $400 billion amid ongoing speculation about the start of a new bull run.

Bitcoin’s dominance over altcoins is also increasing. The metric fell to 39% last week but has pumped above 41% for the first time since Nov. 8.

Bitcoin dominance. Source: CoinMarketCap

Alts tracing today

The alternative coins posted notable gains yesterday, but most have now turned red on the daily scale. Solana was at the forefront of the rally, rallying 40% at one point. For example, SOL marked its own multi-month high at above $23, but is currently below that level after a daily decline of 4.5%.

Binance Coin is down a similar percentage and is just under $300. Ethereum has held above $1,500 despite being down 1.5%.

Ripple, Cardano, Dogecoin, Polygon, Polkadot, Litecoin, Shiba Inu, and Avalanche all lost the most value in one day, up as much as 7%.

The cumulative market cap of all crypto assets has fallen to $970 billion on CMC, but hit $1 trillion on CoinGecko yesterday.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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