Markets
Bitcoin Dominance Rises as Binance Coin and Other Alts Turn Red (Market Watch)
Bitcoin’s boring price movements over the weekend were briefly interrupted with a slight increase towards $70,000, but the asset was stopped in its tracks and returned to familiar territory.
Most altcoins are also quite slow today, with the exception of BNB, NEAR, FIL, FET and a few others, which saw notable price drops.
BTC dominance on the rise
Bitcoin saw a strong last week in terms of ETF inflows, as these financial vehicles continued their impressive streak and have now recorded 19 consecutive days of positive flows. The last day they saw capital outflows was exactly a month ago, on May 10.
This led to some volatility and gains for the underlying asset. It all started last Monday with a rise from $67,500 to over $70,000. After being stopped there initially, BTC came back with a stronger push that took it to $71,600 on Wednesday and $72,000 on Friday.
This is where the bears came out of hiding and launched a massive decline that caused bitcoin to fall by over three thousand dollars in a matter of hours. Thus, bitcoin fell to $68,400 and left over $400 million in liquidations across the entire market.
The weekend was much less eventful, as BTC recovered some ground and stood approximately $69,000 and $69,500. It attempted to surge towards $70,000 earlier today, but was stopped and is now back in range.
Its market cap is still less than $1.37 trillion, but its alt dominance has increased nearly 1% since Friday to 51.4% on CG.
Bitcoin/Price/Chart 06/10/2024. Source: TradingView
BNB in retirement
Binance Coin was among the biggest gainers last week as it surpassed $700 to register a new all-time high of just over $715. However, since then it has been in decline and the last 24 hours have not been kind. The asset fell 5% during this period to less than $650.
NEAR, FIL, FET, and CRO are among the other best-performing stocks over the past day, while most larger-cap alts are seeing either insignificant gains or minor losses.
The total crypto market capitalization remained at around $2.660 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
Free Binance $600 (CryptoPotato Exclusive): Use this link to create a new account and receive an exclusive $600 welcome offer on Binance (all the details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 Welcome Reward, use this link to register and open a position of 100 USDT-M for free!
Disclaimer: Information found on CryptoPotato is that of the cited authors. It does not represent the opinions of CryptoPotato on whether to buy, sell or hold any investments. You are advised to carry out your own research before making any investment decision. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.