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Bitcoin Dominance at Multi-Year Highs as BTC Flirts With $85K (Market Watch)

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Bitcoin’s price moves to the upside saw some resistance at the $86,000 level, and the asset has slipped south by around a grand.

Most altcoins have also taken a breather after the weekend gains, aside from SOL, which continues its gradual ascent.

BTC Dominance Above 60%

The primary cryptocurrency began the previous trading week on the wrong foot, with its price dumping twice to a five-month low of just over $74,000. This came after the rising political tension between the US and essentially the rest of the world.

After Trump eased off the tariffs against every other nation except for China on Wednesday, BTC went on the run and skyrocketed past $83,000. This rally was also supported by favorable US CPI data.

The asset faced some more volatility by the end of the trading week, due to new moves on the China-US Trade War front, but managed to recover the losses by the weekend and entered it at $83,000. It actually climbed on Saturday and Sunday morning to an 11-day peak of $86,000 where it faced a rejection.

As of now, BTC trades at just under $85,000, which marks a 12.7% weekly surge. Its market cap has risen above $1.680 trillion on CG, while its dominance over the alts is at 60.5% there and 63.4% on TradingView. Such high levels were last seen back in 2021.

Bitcoin Dominance on TradingView
Bitcoin Dominance on TradingView

OM Crashes

The big news from the altcoin space today came from Mantra, as the project’s native token crashed by over 90% at one point. The CEO explained that the painful market moves ‘were triggered by reckless forced closures initiated by centralized exchanges on OM account holders.’

Most larger-cap alts are also slightly in the red, but nothing close to the OM decline. XRP, BNB, DOGE, ADA, TON, and LINK have marked minor losses, while TRX and SOL are up by around 3% each. As a result, TRX trades above $0.25, while SOL is close to $135.

ETH has gained just over 1% over the past 24 hours, and stands above $1,600.

The total crypto market cap has failed to overcome the $2.9 trillion obstacle and is down by $20 billion since yesterday.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

Pranešimas Bitcoin Dominance at Multi-Year Highs as BTC Flirts With $85K (Market Watch) appeared first on CryptoPotato.

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