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BTC’s Price Was Stopped at $98K but Dominance Over Alts Continues to Rise (Weekend Watch)

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Bitcoin’s gradual price increases led the asset to a multi-month peak of over $98,000 yesterday, but it was stopped before even having the chance to challenge the $100,000 mark.

Most altcoins have followed suit today with minor losses, led by 3% declines from AVAX and PEPE.

BTC Stopped at $98K

It was the beginning of the previous trading week when the primary cryptocurrency skyrocketed from $84,000 to over $90,000 within a matter of 36 hours or so. The bulls kept pressing the asset up and this culminated with a surge to a two-month high of $96,000 on April 25.

BTC finally faced some resistance there and was not allowed to go further. In the following week or so, consolidation reigned, and the cryptocurrency remained sluggish within a tight range between $93,000 and $95,000. The lower boundary was tested on a couple of occasions but held strong.

The subsequent bounce-off on Thursday resulted in a price breakout from the upper boundary. The surge drove the cryptocurrency to a new multi-month high of $98,000.

The bears stepped up once again, and BTC couldn’t continue toward a six-digit territory. Just the opposite, it has lost almost two grand since then and now sits inches above $96,000.

Its market capitalization is well above $1.910 trillion on CG, and its dominance over the alts tapped a new four-year high of almost 62% on the same data aggregator. On others, it has risen to 64%, which could actually signal good news for alts soon.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Fall Back

Most altcoins have mimicked BTC’s performance over the past day, with minor losses evident from the likes of ETH, XRP, DOGE, SOL, ADA, SUI, LINK, and XLM. AVAX and PEPE have dropped the most – by around 3% each.

In contrast, TRUMP, KAS, and TAO have jumped by somewhere between 3% and 4%. VIRTUAL has taken the main stage once again, gaining over 6% and trading above $1.7.

The total crypto market cap has shed around $30 billion since yesterday’s peak, but it’s still above $3.1 trillion on CG.

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

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