Bitcoin’s dominance on the rise as Bitcoin surges towards $56,000 but to no avail so far as the dominance continues the rise further so let’s read more about it in our Bitcoin news today.
Following the price slide from a day ago below $54,000 started increasing in value once more and neared $56,000 but some altcoins like XRP and DOT charted some gains in the past day with Bitcoin’s dominance also increasing. The main cryptocurrency exploded above $50,000 and hasn’t looked back ever since. But the opposite happened, it has been mainly on the offensive and resulted in tapping $56,000 a few days ago for the first time in five months. Breaking another level turned out to be even more challenging than expected as the bears intercepted the move and pushed BTC south so as a result, BTC dipped a few thousands of dollars below $54,000.
The situation changed again in the past day so instead of dropping further south, BTC started increasing in value once again and a few hours ago hit $56,000. However, it couldn’t continue upwards and retraced by a few hundred dollars. It is still more than 1.5% on the day and it is close to the $56,000 level. Bitcoin’s market capitalization stands at $1.050 trillion with the dominance over the altcoins reached 45% since most fell further behind their leader. Most alternative coins stalled against the leader over the past few days but are rather calm against the dollar. ETH failed to remain above $3600 and a minor 24-hour drop drove it back below the line.
Cardano and DOGE marked some gains while Solana, Terra, Binance Coin, and Avalanche are in the red. On the contrary, Ripple and Polkadot charted some gains since a day ago. XRP is up by 10% to $1.8 while DOT increased 8% and stood above $35. the biggest gainer since yesterday is Stacks with a 38% surge that drove the price higher above $2. Klatyn increased 11% and Qtum 10% while IOTA rise further by 7%. the crypto market cap increased slightly in the day and It is now at $2.330 trillion.
As recently reported, Bitcoin ended the week with a 15% gain as the regulatory fears faded and the sentiment turned bullish in anticipation of BTC-futures-backed exchange-traded fund in the US by the end of the year. Over the past day, BTC stayed flat and hovered above $54,000 as of Friday afternoon with the biggest crypto by market surpassing $1 trillion again this week.
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