BTC Flirts With $28K as Bitcoin Dominance Nears 50%: Market Watch

Bitcoin’s price went on a rollercoaster in the past 24 hours, with moves of up to $1,000.

Most altcoins are slightly in the green today, but BTC’s dominance has continued to increase and has neared 50%.

BTC at $28K

The business week started on a high note for the primary cryptocurrency, which skyrocketed by $1,500 in about a day and a half and tapped a 6-week peak at over $28,500.

However, the enthusiasm among the community didn’t last long, and BTC quickly lost almost all of its momentum. It returned back down to just over $27,000, and spent the next few days there.

It tried to surge past $28,000 on a few occasions at the end of the week but was ultimately stopped. The latest attempt came earlier today when bitcoin spiked to $28,350. This came after a price drop to $27,200.

Nevertheless, the asset failed there once more and currently sits at just around the coveted $28,000 line. Its market capitalization has soared to $546 billion on CMC, and its dominance over the alts has kept increasing to 49.8% as of now – the highest in weeks.

BTCUSD. Source: TradingView


Most altcoins faced similar volatility in the past 24 hours but sit slightly in the green now. Ethereum, Binance Coin, Ripple, Dogecoin, and Bitcoin Cash have jumped by under 1%.

More gains come from the likes of Solana, Tron, Polkadot, and Litecoin – all of which are up by around 1-2%.

MATIC has emerged as today’s top performer. The asset has added 4.5% of value and currently sits just inches below $0.6.

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With most other lower- and mid-cap alts trading slightly in the green today, the total crypto market cap has increased by about $10 billion and sits close to $1.1 trillion.

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

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Cryptocurrency charts by TradingView.

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