Bitcoin remains strong, dominance rises to 60% while altcoins fall

This week, the Bitcoin price fell just short of its all-time high against the dollar, but nevertheless continues to perform strongly. This is evident from Bitcoin’s exceptionally high dominance within the crypto market, which currently accounts for 60% of the total market value. While many altcoins lost value in the past 24 hours, Bitcoin’s dominance rose to levels not seen since early 2021.

BTC dominance at a peak

The recent surge in Bitcoin dominance started last Friday, when rumors about Tether caused a short-lived price drop to $65,500. However, the market quickly recovered and Bitcoin’s price climbed to $67,000 over the weekend. This week, Bitcoin continued its rise, breaking through $70,000 and reaching a peak of $73,600, just $150 below its all-time high.

Despite a slight pullback, the price remains stable above $71,000. Analysts expect BTC to approach record highs again in the coming days. Bitcoin’s market capitalization has risen to $1.43 trillion, while its dominance on some platforms has reached 60%. This marks the highest level of dominance since 2021, as altcoins struggle to hold on.

Altcoins under pressure due to rising Bitcoin dominance

Larger altcoins such as Ethereum (ETH), Binance Coin (BNB) and Solana (SOL) posted losses of 5%, 4% and 3% respectively in the past 24 hours. Smaller altcoins such as TIA, ENA, STX and RUNE took even bigger hits, with declines of up to 8%.

The current situation is clear: as long as Bitcoin remains close to its all-time high, attention will remain focused on this leading cryptocurrency. Altcoins are expected to remain under pressure as long as this trend continues.