BITCOIN DOMINANCE DECLINES AMID $43K STRUGGLE 

In the past 24 hours, Bitcoin has seen a slight increase in value but continues to struggle in decisively reclaiming the $43,000 level.

Interestingly, the altcoins have displayed lower-than-usual levels of volatility during this period. SOL has managed to gain nearly 3%, while TRX and LINK have retraced by similar percentages.

Decline in BTC Dominance

A week ago, the US SEC’s X account was compromised, leading to the emergence of fake posts claiming that the agency had approved all spot BTC ETF applications. This incident initially triggered a price surge, but SEC Chair Gary Gensler promptly clarified it as fake news due to the hack, halting the rally.

However, the Commission did indeed approve 11 such products the following day. BTC experienced a surge from $45,000 to nearly $48,000 before retracing to its initial level. Further volatility ensued when the ETFs were launched on US markets, briefly propelling the cryptocurrency to a 21-month high above $49,000.

Nonetheless, this surge was short-lived, and Bitcoin’s price dropped by over $7,000 in the next 36 hours. Since then, BTC has remained relatively stable, with minor price fluctuations around the $43,000 mark. While there have been attempts to surpass this level in the past 24 hours, they have been unsuccessful thus far.

As a result, Bitcoin’s market capitalization has remained at approximately $840 billion, but its dominance over the altcoins has fallen to 49.8% on CoinMarketCap (CMC). It’s worth noting that this metric stood above 53% just last week.

Altcoins Remain Steady

In contrast to their reputation for substantial volatility, altcoins have exhibited relative stability in recent days. Among the larger-cap altcoins, ETH, BNB, AVAX, DOGE, and DOT have recorded slight gains, while XRP, ADA, and MATIC have seen minor losses.

Solana and Toncoin have stood out as the top performers within this group of digital assets. SOL has experienced a 3% increase and is currently trading above $97, while TON has surged by 5%, reaching north of $2.4. Conversely, Tron and Chainlink have both declined by approximately 3%.

The total cryptocurrency market capitalization has rebounded from the losses observed yesterday, increasing to $1.690 trillion on CoinMarketCap.

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