Bitcoin’s dominance has surged by over 2% in just days, leading the weekend market with heightened volatility. The primary cryptocurrency, Bitcoin, faced significant price swings on Friday, dipping to $42,600 before rebounding to $44,400 and settling below $44,000. Simultaneously, several major altcoins, including AVAX, ADA, SOL, and LINK, experienced substantial price declines.
Dominance on the Rise: Bitcoin’s Whirlwind Week
In the first week of the new year, Bitcoin has displayed remarkable price movements, starting with a surge from $42,500 to a 21-month peak near $46,000. However, reports of the SEC planning to reject all pending ETF proposals triggered a sharp downturn, causing Bitcoin to plummet by almost $5,000 in minutes, hitting $41,500. The bulls intercepted the fall, initiating a recovery that led to a price surge to $44,800 on Friday. Despite these fluctuations, Bitcoin now hovers around $44,000.
Bitcoin’s market capitalization has dipped below $860 billion, yet its dominance over altcoins has surged to over 52% on CoinMarketCap, surpassing the sub-50% metric at the year’s outset.
Altcoins Face the Bloodbath: AVAX, ADA, SOL, LINK in Focus
While many altcoins enjoyed positive momentum after the mid-week crash, the current market outlook tells a different story. Solana, Cardano, Avalanche, and Chainlink are at the forefront of daily losses, with declines ranging from 5% to 8%. SOL struggles below $100, ADA teeters close to the $0.5 mark, AVAX trades at $35, and LINK is beneath $15.
The broader altcoin market, including ETH, BNB, DOGE, XRP, MATIC, TRX, and TON, is also experiencing a downturn. LDO stands out as the exception among the top 36 alts, witnessing a notable 9% increase to reach $3.33.
The overall crypto market cap has taken a hit, plummeting by over $30 billion overnight and settling at $1.640 trillion on CoinMarketCap.
Navigating the Weekend Watch
As Bitcoin asserts its dominance, altcoin investors are left grappling with uncertainties. The weekend unfolds with contrasting fortunes for the flagship cryptocurrency and its counterparts, setting the stage for potential shifts and strategic decisions in the crypto space.
Investors and enthusiasts alike remain on high alert, closely monitoring the evolving dynamics in this weekend market watch. As Bitcoin’s dominance climbs, the fate of altcoins hangs in the balance, adding a layer of complexity to the already volatile crypto landscape.
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