Market: BTC’s Dominance Soars To 2-Year High As BTC Stays At $26K

XRP and DOGE are two of the few big altcoins that don’t make much daily progress.

Even though bitcoin hasn’t changed much in the past few days, its share of the market on CMC has jumped to over 48% for the first time in over two years.

This is because most of the larger-cap alts, like ATOM, APT, ADA, and more, have seen small daily losses.

BTC Dominance Rises

Last week, Bitcoin was selling slowly around $26,000, and it didn’t seem to be going anywhere. All eyes were on the US because the CPI numbers and the next FOMC meeting of the Fed were both set to come out and happen this week.

Wednesday’s report on inflation rates showed a small drop. But that didn’t really change the price of BTC, except for a short $200 spike. On Thursday, the Federal Reserve did what most people thought they would do: they stopped raising interest rates.

More surprising was the effect this had on bitcoin, which dropped by more than a thousand dollars in the next few hours to a three-month low of less than $24,800.

But it quickly went back up when people heard that BlackRock had filed for a Bitcoin Spot ETF. First, the price went up by $1,000, and then on Saturday, it shot up to $26,800, which was a weekly high.

In the hours that followed, BTC settled down, and it has been around $26,500 for a few days now. Its market capitalization is just over $510 billion, but on CMC, it has a 48.1% lead over other cryptocurrencies, which is the best level in over two years.

BTCUSD. Source: TradingView

Alts Gone Red

Most altcoins also went up on Saturday, but they haven’t kept going up. Most of the alts with bigger caps are even a little bit in the red on a daily scale.

Some of these are ETH, BNB, SOL, TRX, MATIC, and AVAX, all of which have dropped by about 1%. Cardano fell the most out of the top 10 by more than 2%.

Ripple and Dogecoin are two of the few coins that are making small gains. After a huge 12% daily rise, Flare (FLR) has made it into the top 100.

Still, the overall value of all cryptocurrencies on the market has stayed close to the same as it was yesterday, at just under $1.070 trillion.

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