Bitcoin Dominance Rises to 2-Month High as Markets Cool After Massive Gains (Market Watch)

After several days of significant gains and volatile price movements, Bitcoin has finally settled down at just over $62,000.

Most altcoins had a rollercoaster ride but have now stalled on a daily basis, with the exception of LTC, LEO and TAO among the larger caps.

BTC stagnates, dominance increases

A lot can be said about the current business week as the entire landscape of the crypto markets has changed. Just last weekend, BTC stalled around $51,000 and $52,000 and failed to break through the latter.

However, the bulls launched a massive rally starting Monday, resulting in a profit of several thousand dollars within a few hours. By Tuesday, the cryptocurrency had risen to almost $60,000. This level was finally broken on Wednesday and the rally took BTC all the way to $64,000.

This was the highest price in more than two years. However, it was met with a fierce rejection that sent Bitcoin plummeting by more than five grand in minutes, leaving millions in liquidations.

Nevertheless, BTC managed to gain some ground on Thursday and even challenge the $64,000 mark again, but without success. It calmed down in the following hours and is now trading at just over $62,000.

Its market capitalization, which made it one of the ten largest financial assets, is still well over $1.2 trillion. Its dominance over alts has increased by 5% since February 27 and is now at a two-month high of 50.5% on CoinGecko.

BTCUSD. Source: TradingView

Alts Calm too

Alternative coins have also skyrocketed in recent days. Ethereum led the way with gains well over $3,400. Although the trading price is still above this line, ETH is now down 1% on the day. This also applies to BNB, XRP, ADA, TRX and LINK.

Slightly larger retracements can be seen in companies such as Avalanche, Dogecoin, Polkadot, Polygon and Shiba Inu. In contrast, SOL has continued its run with another 3% increase that catapulted the price to almost $135.

The total market cap, which also hit a multi-year high of $2.450 trillion, has now fallen slightly but is still above $2.4 trillion at CG.

Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.

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