Bitcoin Dominance Skyrockets to 3.5-Year High as BTC Maintains $72K (Market Watch)

Despite failing to break its March 2024 all-time high of $73,740, bitcoin still stands tall, close to that level, and its dominance over the altcoins has soared to a new multi-year peak.

This comes as most altcoins have struggled in the past 24 hours, charting minor losses.

BTC Dominance on the Rise

The primary cryptocurrency’s most recent rally started on Friday evening when it dumped to $65,500 after some Tether FUD. The bulls quickly resumed control of the market, though, and BTC found itself trading at $67,000 during the entire weekend.

The actual gains started as the business week began, and bitcoin climbed to $69,000 on Monday. It even broke above $70,000 and $71,000 on Tuesday. The bulls’ efforts continued the following day, and BTC spiked to $73,600 on Wednesday morning, which became its highest price tag since the all-time high charted in March.

After coming $150 away from breaking into uncharted territory, the cryptocurrency fell back slightly. Nevertheless, it still trades above $72,000 with the community anticipating a run toward a new peak in the upcoming days.

Its market capitalization has risen to $1.430 trillion on CG, where its dominance stands at a multi-year peak of 56.5%. The latter metric is at over 60% on TradingView and 59% on CoinMarketCap – all of which are the highest it has been since early 2021.

Sluggish Alts

The growing BTC dominance means that most alts have failed to produce any substantial gains in the past 24 hours. In fact, most of the larger caps are in the red today, with ETH down by 1%, BNB retracing by 3%, while SOL has slipped by 2%.

Ripple, Dogecoin, Cardano, and Toncoin are also slightly in the red. Even more substantial losses come from the likes of TIA, ENA, STX, and RUNE, with drops of up to 8%.

The total crypto market cap has shed about $20 billion since yesterday and is down to $2.530 trillion on CG.