Bitcoin’s Dominance Keeps Rising Despite BTC’s Failed Attempt at $29K (Market Watch)
Bitcoin tried its hand at taking down the $29,000 level once again hours ago but was stopped in its tracks and currently sits several hundred dollars below it.
However, its dominance over the altcoins keeps rising to new multi-month peaks, as most of the alts are sitting in the red now.
BTC Fails at $29K
BTC’s price performance was quite dull during the weekend, with the asset trading sideways at around $27,000. However, it couldn’t overcome that level until Monday morning. That’s when the bulls took control of the market and pushed the cryptocurrency north by a grand.
More price gains came later that day following a fake report that the SEC had finally greenlighted a spot Bitcoin ETF in the States. The asset reacted with an immediate surge that pushed it north by $2,000 to a two-month high.
As the report was refuted, though, the cryptocurrency started losing value somewhat rapidly and came back down to $28,000. It reacted well to this retracement and spiked to $29,000 hours ago.
Nevertheless, the bears intercepted the move, and BTC now trades about $500 away from it. Its market capitalization, though, is up to $557 billion, and its dominance over the altcoins has pumped again to a new local peak of over 51% on CMC.
Alts in Red, but Not Toncoin
The rising BTC dominance means that most altcoins have either failed to produce any substantial gains or have lost ground within the past 24 hours. Ethereum, Binance Coin, and Ripple stand in the first corner, while Solana, Cardano, Dogecoin, Polygon, Polkadot, and Litecoin are in the second one.
Toncoin is among the few alts with a notable price increase. TON is up by over 5% and trades above $2.
With most other lower- and mid-cap alts trading in the red today, the total crypto market cap has failed to overcome the coveted $1.1 trillion level and sits below it now.