Bitcoin Dominance on the Rise as Altcoins Retreat Ahead of CPI: Market Watch
Although bitcoin’s price has remained relatively sluggish on a 24-hour scale, without any significant moves in either direction, its dominance over the alts has risen to 60% on CMC.
The reason for this is that most alts are still in the red, especially the mid-cap ones.
BTC Dominance Reaches 60%
BTC was rejected at $87,000 on a couple of occasions at the start of the previous business week, and the second was particularly painful as it began a more profound leg down. It culminated on Thursday evening when the asset slumped to $80,400 to mark a multi-week low.
After losing nearly $7,000 in about 72 hours, the cryptocurrency finally rebounded and tapped $83,000 during the weekend. It remained there for the next 36 hours and even challenged $84,400 on Monday morning. Another rejection followed, though, and the bears seemed in complete control on Tuesday morning when they drove bitcoin to just under $81,000 once again.
Nevertheless, there were two positive outcomes: first, BTC rebounded just as quickly to over $83,000; second, it marked a higher low, which is typically considered a bullish signal. Since then, it has traded sideways between $83,000 and $84,000 and currently sits inches above the lower boundary. More volatility is expected later today when the CPI numbers for September will be announced.
Its dominance over the altcoins is on the rise. The metric tapped 60% on CMC, as most altcoins have struggled over the past few days. In the meantime, bitcoin’s market cap hasn’t moved much and stands at $1.670 trillion.
Alts Struggle, BTW?!
Most larger-cap alts continue to be in the red today, with ETH sliding back down to $2,500, XRP slipping further away from the $1.40 level, and SOL dropping to $107. RAIN has plummeted by almost 10%, while QNT is down by 7.5%. Further losses are evident from ADA, HYPE, LINK, XLM, NEAR, TAO, DOT, and others.
In contrast, ZEC, XMR, TRX, and BCH are slightly in the green, while BTW has skyrocketed by 47% to over $2.60. On the other hand, TIA, M, CRV, and RENDER have dropped by somewhere between 8%-10% daily.
The total crypto market cap has declined by another 0.5% to $2.790 trillion on CMC.
