Bitcoin Dominance Rises as Binance Coin and Other Alternatives Turn Red (Market Watch)

Bitcoin’s abortive price action over the weekend was briefly interrupted by a minor rally towards $70,000, but the asset was stopped in its tracks and is back on familiar ground.

Most altcoins are also quite slow today, apart from BNB, NEAR, FIL, FET and a few others, which have seen notable price drops.

BTC domain on the rise

Bitcoin had a strong last week in terms of ETF inflows, as these financial vehicles maintained their impressive streak and have now recorded 19 consecutive days of positive flows. The last day they saw departures was exactly one month ago, on May 10.

This led to some volatility and gains for the underlying asset. It all started last Monday with a jump from $67,500 to over $70,000. After being stopped there early on, BTC came back with a stronger push that took it to $71,600 on Wednesday and $72,000 on Friday.

That’s where the bears came out of hiding and started a huge slide that resulted in a bitcoin dump of over three thousand in hours. Thus, bitcoin fell to $68,400, leaving more than $400 million in liquidations across the market.

The weekend was much less intense as BTC regained some ground and hovered around $69,000 and $69,500. It tried to jump towards $70,000 today, but stalled and is now back within its range.

Its market cap is still less than $1.370 trillion, but its dominance of the highs has risen nearly 1% since Friday to 51.4% in CG.

Bitcoin/Price/Chart 10.06.2024. Source: TradingView BNB on the Retreat

Binance Coin was one of the biggest gainers last week, breaking above $700 to hit a new all-time high of just over $715. However, it has been on a downward spiral since then and the last 24 hours have not been kind. The asset is down 5% over that time period to less than $650.

NEAR, FIL, FET and CRO are among the other poor performers on the last day, while most of the larger-cap alternatives have negligible gains or smaller losses.

The total crypto market cap has remained around $2.660 trillion.

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