Markets
Bitcoin Dominance Rises As Crypto Markets Show Signs Of Consolidation By Proactive Investors
Proactive Investors – Bitcoin (BCT) traders had nothing to complain about during the weekend trading session.
The world’s largest cryptocurrency held steady against the U.S. dollar on Saturday before falling about a percentage point on Sunday.
Things were livelier this morning, with the pair recovering all of yesterday’s losses. At the time of writing, the pair was trading for $66,274, up approximately 9.2% week-over-week.
Cryptocurrency markets are showing signs of consolidation. Bitcoin dominance, which measures Bitcoin’s share of overall cryptocurrency markets, has increased from 46% this time last year to more than 54% today.
This suggests a lack of risk appetite for more volatile and less liquid altcoins despite the recent noise surrounding meme coins.
Ethereum’s (ETH) market share has declined significantly, from 19.6% to just 15.4%.
The pair is currently trading for $3,100, about 4.2% higher week-over-week.
In the broader altcoin space, (SOL) pulled ahead with a 22% weekly gain, while (XRP), (DOGE), and (ADA) added low to mid numbers.
The global market capitalization of cryptocurrencies currently stands at $2.42 trillion.