Bitcoin Rises to 9-Month High as Dominant Altcoins Retrace (Weekend Watch)

Bitcoin’s dominance continues as most alts fell today, while BTC held above $27,000.

ATOM, LDO, and APT were among the biggest losers today, down as much as 7%.

Bitcoin dominance spikes to new peaks

The US banking crisis, which saw three banks close within days, and subsequent bailout speculation, along with the US Fed lending $300 billion to some banking institutions, pushed BTC north this week.

The asset stood just inches above $20,000 last Sunday but began to move up as the work week began. After several consecutive big rallies, the cryptocurrency found itself trading above $26,000 for the first time in months on Tuesday.

It retreated by two grand over the next two days but went on the offensive once again on Thursday and Friday. This resulted in a jump above $27,000 and a new 9-month high around $28,000.

Having yet to cross that line and falling slightly, BTC still trades north of $27,000. Its market cap is above $520 billion, while its dominance in altcoins has reached its highest level since June 2022 at 45% in CMC.

Altcoins are red

Alternative coins also experienced significant gains over the past few days, but many have pulled back today. Ethereum went to its own multi-month high above $1,800, but a 2% daily decline pushed it back to that level.

Binance Coin, Cardano, Solana, Tron, Shiba Inu and Polkadot fell by the same percentage. Dogecoin, Polygon, and Litecoin are down even more on the day.

However, the most significant losses come from ATOM, LDO, STX, FIL and APT. All these assets have declined between 5% and 8%.

Naturally, the cumulative market cap of all crypto assets has seen a small decline with around $20 billion evaporating.