Bitcoin
Bitcoin Dominance Increases as Binance Coin and Other Alts Turn Red (Market Watch)
Bitcoin’s uneventful price action over the weekend was briefly interrupted with a small rise to $70,000, but the asset was halted and returned to familiar ground.
Most altcoins are also quite slow today, with the exception of BNB, NEAR, FIL, FET and a few others, which saw notable price drops.
BTC Dominance on the Rise
Bitcoin had a strong last week in terms of ETF inflows, as these financial vehicles maintained their impressive trajectory and have now recorded 19 consecutive days of positive inflows. The last day on which departures were recorded was precisely a month ago, on May 10th.
This resulted in some volatility and gains for the underlying asset. It all started last Monday with a rise from $67,500 to over $70,000. After being stopped there early on, BTC returned with a stronger push that took it to $71,600 on Wednesday and $72,000 on Friday.
That’s when the bears came out of hiding and began a massive crash that resulted in bitcoin dumping more than three thousand dollars in hours. Thus, bitcoin fell to $68,400 and left more than $400 million in liquidations across the market.
The weekend was much less eventful, as BTC recovered some ground and remained about $69,000 and $69,500. It tried to jump to $70,000 earlier today but was halted and is now back within reach.
Its market cap is still below $1.370 trillion, but its dominance over alts has increased by almost 1% since Friday to 51.4% in CG.
Bitcoin/Price/Chart 10.06.2024. Source: TradingView
BNB at the retreat
Binance Coin was among the biggest gainers last week, surpassing $700 to record a new all-time high of just over $715. However, it has since been falling and the last 24 hours have not been kind. The asset fell 5% in this period, to less than US$650.
NEAR, FIL, FET, and CRO are among the other worst performers over the past day, while most larger-cap alts post negligible gains or smaller losses.
The total crypto market capitalization remained at around $2.660 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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