Bitcoin Dominance Rises as BTC Tapped 5-Month High at $24K: Market Watch

Bitcoin initiated another leg up in the past 24 hours, tapping a new five-month high at just under $24,000.

The altcoins are slightly in the red on a daily scale, which has helped the BTC dominance increase to over 42.5%.

Bitcoin Touched $24K

It was less than two weeks ago when bitcoin dipped below $20,500 when it seemed that the 2023 rally has been halted in its tracks. However, the asset was quick to recover the losses and went on to chart new gains in the following days.

The end of that week was particularly impressive as BTC jumped from $21,000 to over $23,000. Last week saw a lot fewer price fluctuations, and BTC remained around $23,000 for most of it, aside from a pump to $23,800 on Wednesday.

The weekend was calmer as well, with bitcoin trading at $23,000. However, the landscape started to change early Monday morning, as BTC jumped to $23,968 (on Bitstamp) for the first time since mid-August last year. Aside from being a multi-month high, this price expansion led to putting many of the 2019 buyers in profit.

However, the bears intercepted the move and pushed BTC south by almost $1,000. As such, bitcoin now stands just inches above $23,000. Nevertheless, its market cap has jumped to $450 billion, while its dominance over the altcoins is up to 42.5%.

BTCUSD. Source: TradingView

Alts in Red

The altcoins were also calmer during the weekend, but most have turned red on a daily scale now.

Ethereum sits below $1,600 after a minor daily retracement, while BNB has sustained above $300 even though it’s 1.3% down on the day. More substantial losses are evident from Ripple, Cardano, Dogecoin, Polygon, OKB, Polkadot, Shiba Inu, Litecoin, and Avalanche. All of them are down by between 2.5% and 4%.

Lido DAO’s native cryptocurrency has slipped by over 5%, but it’s still well above $2 after its recent bull run.

MANA is among the few larger and mid-cap alts with daily gains, being 4% up on the day.

The overall crypto market cap, though, has remained above $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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