Bitcoin Dominance Soars to 3-Year High as BTC Holds $60,000 (Weekend Watch)

Bitcoin price stalled before $63,000, but has managed to defend the $60,000 level after an immediate pullback.

Altcoins are quite sluggish on a daily basis, with XRP, ETH and SOL in the red, while TON is up over 4%.

BTC domain on the rise

Last weekend was quite painful for the main cryptocurrency. It continued the massive correction that began on Friday, dropping from $66,000 to just under $60,000 by Sunday morning. The landscape worsened later on Sunday with a drop to $57,000. However, the worst came on Monday with another leg down to just below $50,000, which became its lowest price level in about six months.

The bulls finally rallied at this point and did not allow further declines. BTC started to regain traction and jumped to $53,000 on Tuesday and $57,000 on Thursday. Another leg followed on Friday that pushed the cryptocurrency to nearly $63,000.

However, bitcoin was unable to continue its run and has lost some momentum since then. It actually dipped towards $60,000, but has managed to defend that level and is now trading around $700 above.

Its market cap has dipped slightly to $1.2 trillion, but its dominance over the highs continues to grow. The metric is now at 54% on CoinGecko, the highest since April 2021.

Bitcoin/Price/Chart 10.08.2024. Source: TradingView TON rises, XRP declines

Most of the larger-cap alternatives posted minor pullbacks today. Ethereum is down more than 1% in the last 24 hours, but still hovers above $2,600. Solana and Ripple are down 2-3% to $155 and $0.58 respectively.

DOGE, AVAX, SHIB and ADA are also slightly in the red. Instead, TON is up more than 4% and is trading above $6.7. CRO is the biggest gainer among mid-cap alternatives, having risen more than 9%.

The total crypto market capitalization has moved back slightly in the last day and is now $2.217 trillion in CG.

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