Bitcoin Dominance Hits 4 Month High, Climbing At 54.2%

In the latest altcoin news, we see that the altcoins are falling back compared to Bitcoin (BTC) which recently surged to $5,600 and established a higher dominance level. The Bitcoin dominance is now at 54.2% as Bitcoin controls the market at the moment, mainly due to yesterday’s increase.

The cryptocurrency markets, in the meantime, have held their gains thanks to Bitcoin’s rally. The total market capitalization is right now over $180 billion as BTC eats into the altcoins, while the Bitcoin dominance has climbed to the highest levels this year.

It all began when Bitcoin surged through $5,600 yesterday, spending most of the past 24 hours above the level. It has started pulling back now, despite the Asian trading session, and has fallen by 1%. Bitcoin (BTC) is trading at $5,514 at press time with a $15.9 billion in volume and a $97.3 billion market cap.

The volume which is almost at $16 billion is also as its high, but analysts are expecting a short pullback. The correction, according to them, should not be too severe.
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As one analyst with an alias @CryptoFib (CryptoFibonacci) said on Twitter when analyzing the Bitcoin performance:

“There are multiple Fib clusters lined up at the 5850 area. Not to mention that it rejected at the 127.2 retrace today. IMO, getting close to a local top. Not saying to sell all out, but if me, I would reduce exposure and see what the correction looks like.”

Aside from the Bitcoin dominance, the latest cryptocurrency news also show Ethereum dropping back to just below $170 and not reacting with BTC this time, remaining pretty flat over the past week or so. As we can see, ETH is falling back to last week’s levels and wiping its gains.

Other altcoins failed to rally this time and the top ten was in all red this morning. The biggest losers have been Binance Coin (BNB) and Cardano (ADA) which dumped 6 to 7 percent on the day. In the coming altcoin news, the only winners and in the green within the top 20 are Monero (XMR) and Tezos (XTZ) which have made marginal gains. All of this has led to a greater Bitcoin dominance level at 54.2%.

Right now, the total cryptocurrency market capitalization is also back to $181 billion. Despite losing most of the yesterday’s gains, the correction is slight and Bitcoin is holding on to them at the moment.