Bitcoin Dominance Skyrockets to 3-Year High as BTC Maintains $60K (Weekend Watch)

Bitcoin’s price was stopped ahead of $63,000 but has managed to defend the $60,000 level after an immediate retracement.

The altcoins are quite sluggish on a daily scale, with XRP, ETH, and SOL in the red, while TON has risen by more than 4%.

BTC Dominance on the Rise

Last weekend was quite painful for the primary cryptocurrency. It continued the massive correction that started on Friday and slumped from $66,000 to just under $60,000 by Sunday morning. The landscape worsened later on Sunday with a drop to $57,000. However, the worst came on Monday with another leg down to just under $50,000, which became its lowest price level in about six months.

The bulls finally stepped up at this point and didn’t allow any further declines. BTC started to regain traction and jumped to $53,000 on Tuesday and $57,000 by Thursday. Another leg up followed on Friday that pushed the cryptocurrency to almost $63,000.

Nevertheless, bitcoin failed to continue its run and has lost some momentum since then. In fact, it slipped toward $60,000 but has managed to defend that level and trades about $700 above it now.

Its market cap has declined slightly to $1.2 trillion, but its dominance over the alts keeps rising. The metric is now at 54% on CoinGecko, the highest since April 2021.

Bitcoin/Price/Chart 10.08.2024. Source: TradingView

TON Rises, XRP Declines

Most of the larger-cap alts posted minor retracements today. Ethereum is down by more than 1% in the past 24 hours but still stands above $2,600. Solana and Ripple have declined by 2-3% to $155 and $0.58, respectively.

DOGE, AVAX, SHIB, and ADA are also slightly in the red. In contrast, TON is up by more than 4% and trades above $6.7. CRO is the biggest gainer from the mid-cap alts, having surged by over 9%.

The total crypto market cap has retraced slightly in the past day and is now at $2.217 trillion on CG.