Bitcoin’s price rapidly surged to $62,300 after dropping to $48,800 last Monday. However, it then experienced a sudden pullback, falling to the $60,000 level, which it continues to defend. Altcoins showed a stagnant movement in daily price analysis, with ETH and SOL moving close to neutral, while TON and XRP rose.
Bitcoin Dominance Situation
Last weekend and Monday posed significant challenges for cryptocurrencies, especially Bitcoin. The major correction that started on Friday continued, and by Sunday morning, BTC had dropped from $66,000 to just below $60,000. The decline continued later on Sunday, worsening as it fell to $57,000.
However, the worst occurred on Monday when Bitcoin visited $48,800, marking its lowest level in about six months.
Bulls halted the decline at this point and regained market dominance from the bears. BTC then began to rise again, reaching $53,000 on Tuesday and $57,000 on Thursday. By Friday, a price movement nearly pushed the cryptocurrency to $63,000.
On the other hand, Bitcoin couldn’t sustain its rise and has since shown signs of weakening. BTC’s price retreating to $60,000 caused panic, but the mentioned level was defended by the bulls, and as of the time of writing, BTC is trading above $60,700.
BTC’s market cap is just below $1.2 trillion. Despite the decline, Bitcoin’s dominance over altcoins continues to rise. According to data from CoinGecko, BTC.D has risen to 54%, its highest level since April 2021.
Current State of Altcoins
Looking at large-cap altcoins, Ethereum has shown less than 1% price movement in the last 24 hours, remaining above $2,600. Solana’s price movement was a 0.1% increase, with the price hovering around $154.
On the other hand, the rises in TON and XRP did not go unnoticed. TON and XRP, which performed beyond large-cap altcoins, saw increases of 3.90% and 5.16%, respectively, with TON at $6.70 and XRP trading at $0.5991.
