Bitcoin Dominance on the Rise as BTC Price Eyes $47K (Market Watch)

Bitcoin’s price has broken out of its stagnation phase and has soared by almost four grand in just the past couple of days.

Although many altcoins are also slightly in the green today, the BTC dominance metric is on the rise.

Bitcoin to Challenge $47K?

Bitcoin stood still for over a week after last week’s recovery that pushed it to almost $44,000. As it was unable to overcome that level despite several attempts, it had calmed to around $43,000 and spent the past seven days around that level.

The cryptocurrency went on the offensive yesterday morning when it shot up to over $45,000 for the first time since the retracements following the ETF approvals in January.

After a minor retracement, BTC initiated another leg up in the early Asian trading hours of Friday. This time, the bulls took it even higher, and Bitcoin tapped a monthly peak of $46,750.

Despite losing some ground since then, BTC is still over 4% up on the day amid speculations that it will never go below $40,000 again. Its market capitalization has soared past $910 billion, while its dominance over the alts has increased by nearly 1% in the past two days and is up to 52% on CMC.

BTCUSD. Source: TradingView

ADA and SOL Lead the Alt Way

Most altcoins continue to trade in the green for a second consecutive day, albeit in a more modest fashion compared to BTC. Ethereum is close to $2,500 after another 2% daily increase. BNB has jumped by a similar percentage and sits at just over $320.

XRP, AVAX, DOGE, TRX, DOT, and MATIC have marked similar gains. Solana and Cardano have increased the most from the larger-cap alts. SOL is up by 4% and trades at $105, while ADA has added 3% of value and sits close to $0.55.

The total crypto market cap keeps increasing and is up to $1.760 trillion. This means that the metric has added another $50 billion overnight and more than $110 billion since Wednesday.

Cryptocurrency Market Overview. Source: Quantify Crypto

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