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Bitcoin’s Dominance Grows To 70% Following Massive Volatility Around $40K (Market Watch)

Summary:
Bitcoin’s highly volatile price performance continued in the past 24 hours after breaking above ,000 to a new all-time high and a subsequent massive drop beneath ,000. Most alternative coins have retraced following the latest rally and have increased BTC’s dominance to about 70%.Bitcoin Falls After The K ATHApart from a brief dip beneath ,000 on Monday, the primary cryptocurrency has been on a roll since the start of the year. Bitcoin bounced off immediately from the drop, recovered the ,000 price tag, and hasn’t looked back since.Moreover, the cryptocurrency has continuously broken down new milestones that resulted in consecutive all-time highs. Just yesterday, BTC initiated another impressive leg up and conquered ,000 for the first time. BTC’s run reached ,300, which

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Bitcoin’s highly volatile price performance continued in the past 24 hours after breaking above $40,000 to a new all-time high and a subsequent massive drop beneath $37,000. Most alternative coins have retraced following the latest rally and have increased BTC’s dominance to about 70%.

Bitcoin Falls After The $40K ATH

Apart from a brief dip beneath $29,000 on Monday, the primary cryptocurrency has been on a roll since the start of the year. Bitcoin bounced off immediately from the drop, recovered the $30,000 price tag, and hasn’t looked back since.

Moreover, the cryptocurrency has continuously broken down new milestones that resulted in consecutive all-time highs. Just yesterday, BTC initiated another impressive leg up and conquered $40,000 for the first time. BTC’s run reached $40,300, which became the latest all-time high.

However, the bears intercepted the move and drove the asset down to $37,500 minutes later. The high fluctuations took BTC to $40,000 again before an even more vigorous drop beneath $37,000.

Nevertheless, bitcoin has recovered some losses and sits just beneath $39,000 as of writing these lines.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Retracing Altcoins Increase BTC’s Dominance

Most alternative coins mimicked BTC’s latest gains with impressive double-digit increases. However, the majority has retraced in the past 24 hours.

Bitcoin Cash (-2%), Binance Coin (-2%), Litecoin (-1%), and Polkadot (-3%) are slightly in the red.

The most significant losers from the top ten are Chainlink (-6%), Cardano (-5%), and Stellar (-8%). On a weekly scale, though, the three coins are still well in the green – LINK is up by 37%, ADA by 63%, and XLM by over 120%.

Ethereum has returned to $1,200, while XRP has added over 10% to above $0.31.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses against the dollar are evident from Status (-22%), Loopring (-18%), Matic Network (-16%), Energy Web Token (-15%), NEM (-13%), Zilliqa (-13%), and more.

Most of those coins have lost value against bitcoin as well. Consequently, BTC’s dominance over the market has increased to 70% after dipping to 68% just a few days ago.

Although Enjin Coin (56%) and Decentraland (52%) have marked impressive gains in the past 24 hours, the total market cap has declined by about $50 billion, but it’s still above $1 trillion.

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