BTC Dominance Rises Again as ADA, BNB, MATIC, AVAX Retrace Further (Market Watch)

Bitcoin’s price performance continues to be quite underwhelming, with the asset standing stuck at around $26,000.

Its dominance over the alts, though, has increased in the past 24 hours, surging to well beyond 48% as several alts have retraced further within the same timeframe.

BTC Dominance Grows

Last Thursday was among the most volatile days in recent BTC history when the cryptocurrency plummeted from over $28,500 to $25,300 to register a new two-month low. This came after reports that Musk’s SpaceX had sold off its remaining bitcoin stash.

BTC reacted rather well at first and recovered over a grand within the same day. However, that was short-lived, and it retraced to $26,000 by the time the weekend had arrived.

All the volatility disappeared at this point, and bitcoin has not moved an inch since then. Its price seems stuck to the $26,000 line and is inches above it now as well.

As such, its market cap has remained close to $510 billion, but its dominance over the alts has added almost half a percentage within a day. This is, however, because of the retracing alts.

BTCUSD. Source: TradingView## Alts See Red

Most altcoins also dumped hard during the Thursday sell-off, failed to recover any substantial ground during the weekend, and some are in the red as well.

Binance Coin, Cardano, Polkadot, Polygon, Shiba Inu, Avalanche, and LEO are down by about 2-3% in a day. MATIC has dropped the most by over 4%.

Litecoin is among the few alts with minor gains within the past 24 hours. OP is the only larger cap that has added a notable percentage (4%).

The total market cap, though, has retraced slightly and is under $1.050 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto