Friday, June 21, 2024

Bitcoin’s Dominance Surges Despite $29K Price Hurdle: Market Watch

A few hours ago, Bitcoin made another attempt to break through the $29,000 mark, but it was unsuccessful and now trades several hundred dollars below it.

However, given that the majority of the altcoins are currently in the red, its supremacy over them keeps reaching new multi-month peaks.

BTC Fails at $29K
The weekend saw very little movement in the price of BTC, which was trading in the range of $27,000. It didn’t succeed in getting past that point until Monday AM, though. When the bulls took control of the market at that point, they drove bitcoin up by $1000.

Later that day, after a false claim that the SEC had finally approved a spot Bitcoin ETF in the United States, prices continued to rise. The asset reacted by surging right away, sending it up $2,000 to a two-month high.

However, once the news was disproved, the cryptocurrency’s value started to decline rather quickly and returned to $28,000. It responded favorably to this retracement and recently soared to $29,000.

However, the bears halted the move, and BTC is currently trading $500 away from it. Though its market cap has reached $557 billion, its dominance over the altcoins has once again risen to a new local high of over 51% on CMC.

Due to BTC’s growing dominance, the majority of cryptocurrencies have either failed to make any significant gains or have lost ground during the last day. The first corner is occupied by Ethereum, Binance Coin, and Ripple, while the second one is made up of Solana, Cardano, Dogecoin, Polygon, Polkadot, and Litecoin.

One of the few alternatives with a noticeable price increase is toncoin. TON is trading above $2 and is up more than 5%.

The entire cryptocurrency market cap has failed to surpass the coveted $1.1 trillion barrier and is currently below it as the majority of other lower- and mid-size alts are trading in the red.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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