News
Bitcoin Dominance Rises as Binance Coin and Other Alternatives Turn Red (Market Watch)
Bitcoin’s weak price action over the weekend was briefly interrupted with a slight rise towards $70,000, but the asset was stopped and back on familiar ground.
Most altcoins are also quite slow today, apart from BNB, NEAR, FIL, FET and a few others, which have seen notable price drops.
BTC dominance is increasing
Bitcoin had a strong run in terms of ETF inflows last week, as these financial vehicles continued their impressive streak and have now recorded 19 days of consecutive positive flows. The last day that outflows occurred was exactly one month ago, May 10th.
This resulted in some volatility and gains for the underlying asset. It all started last Monday with a surge from $67,500 to over $70,000. After initially being stopped there, BTC returned with a stronger push that took it to $71,600 on Wednesday and $72,000 on Friday.
That’s where the bears came out and initiated a massive decline that led to bitcoin dumping over three thousand dollars in just a few hours. Thus, bitcoin fell to $68,400 and left over $400 million in liquidations across the market.
The weekend was much less eventful, as BTC recovered ground and was standing approximately $69,000 and $69,500. Today he attempted to jump towards $70,000, but was stopped and is now back in his range.
Its market capitalization is still less than $1.370 trillion, but its dominance over alternatives has increased nearly 1% since Friday to 51.4% on CG.
Bitcoin/Price/Chart 10.06.2024. Source: TradingView
BNB in retreat
Binance Coin was among those that gained the most last week, exceeding $700 Sign in a new all-time high of just over $715. However, the situation has been getting worse since then and the last 24 hours have not been kind. The asset has fallen 5% in that time to less than $650.
NEAR, FIL, FET and CRO are among the other worst-performing stocks over the past day, while most larger-cap alts posted insignificant gains or minor losses.
The total capitalization of the cryptocurrency market remained around $2.660 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
Binance $600 Free (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 on Binance (all the details).
LIMITED LIMITED OFFER 2024 at BYDFi Exchange: Welcome Reward up to $2,888, use this link to register and open a 100 USDT-M position for free!
Disclaimer: The information found on CryptoPotato is that of the writers cited. It does not represent CryptoPotato’s views on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. For more information, please see the Disclaimer.
Cryptocurrency charts from TradingView.