Bitcoin

Bitcoin Dominance Rises as Binance Coin and Other Alts Turn Red (Market Watch)

2 Mins read

Bitcoin’s dull price actions over the weekend were briefly interrupted with a minor increase toward $70,000 but the asset was stopped in its tracks and has returned to a familiar ground.

Most altcoins are also quite sluggish today, aside from BNB, NEAR, FIL, FET, and a few others, which have recorded notable price drops.

BTC Dominance on the Rise

Bitcoin had a strong last week in terms of ETF inflows, as these financial vehicles kept their impressive streak going, and they have now registered 19 days of consecutive positive flows. The last day when they saw outflows was precisely a month ago, on May 10.

This resulted in some volatility and gains for the underlying asset. It all started last Monday with a surge from $67,500 to over $70,000. After being stopped there at first, BTC returned with a stronger push that drove it to $71,600 on Wednesday and $72,000 on Friday.

That’s where the bears came out of hiding and initiated a massive leg down that resulted in bitcoin dumping by more than three grand in hours. Thus, bitcoin fell to $68,400 and left over $400 million in liquidations across the entire market.

The weekend was a lot less eventful, as BTC recovered some ground and stood around $69,000 and $69,500. It tried to jump toward $70,000 earlier today but was stopped and is now back within its range.

Its market cap is still under $1.370 trillion, but its dominance over the alts has increased by nearly 1% since Friday to 51.4% on CG.

Bitcoin/Price/Chart 10.06.2024. Source: TradingView
Bitcoin/Price/Chart 10.06.2024. Source: TradingView

BNB on the Retreat

Binance Coin was among the biggest gainers last week as it popped above $700 to register a new all-time high of just over $715. However, it has been on a downfall since then, and the past 24 hours have not been kind. The asset has dropped by 5% within this timeframe to under $650.

NEAR, FIL, FET, and CRO are among the other poorest performers in the past day, while most larger-cap alts are with either insignificant gains or minor losses.

The total crypto market cap has remained at around $2.660 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.


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