Bitcoin Is Dominating The Crypto Market Again, But What Happened To Altcoins?


Bitcoin price developments looked less exciting over the weekend but there was a small increase towards $70,000. Waima then the process stalled and returned to trading at the initial level.

Most of the altcoins are also quite sluggish today, except for BNB, NEAR, FIL, FET, and a few other altcoins, which recorded significant price declines.

Bitcoin had a strong week in terms of ETF inflows, as this financial investment continued to be their choice, and now they have recorded 19 days of positive inflows in a row. The last day market watchers saw outflows was a month ago, on May 10.

This indirectly results in less volatility and gains for the underlying asset. It started last Monday with a jump from $67,500 to above $70,000. Following on from the catalyst, BTC came back with a stronger push that drove it to $71,600 on Wednesday and $72,000 on Friday.

The surge in price has caused investors to start taking profits and indirectly started a massive bearish push that resulted in bitcoin dropping more than three thousand in a few hours. The price of bitcoin fell to $68,400 and caused more than $400 million in liquidity.

At the time of writing BTC price is trading at $69,295.95. The market cap is still below $1.370 trillion, but BTC's dominance over altcoins has increased by almost 1% since Friday to 51.4% on CG.

Binance Coin was one of the biggest gainers last week as it soared above $700 to hit a new all-time high above $715. However, it has declined since then. This BNB has fallen by 5% during this period to below $650.

NEAR, FIL, FET, and CRO are among the altcoins that have underperformed in the past day, while most large-cap altcoins have had either insignificant gains or small losses.

The total value of the crypto market remains around $2.660 trillion.