Bitcoin Improves Market Dominance Over Altcoins, Stands Firm On Major Support
Bitcoin experienced a turbulent week marked by significant price fluctuations that kept investors on edge. The cryptocurrency endured a rollercoaster of volatility, with its value plummeting dramatically within hours before making a strong recovery.
Specifically, Bitcoin’s price plunged from $66,000 to a low of $49,800 on Monday, only to rebound midweek, reaching a peak of $62,300. By the end of the week, Bitcoin had stabilized with a firm support level of $60,000. Notably, Bitcoin has outperformed the majority of altcoins during this volatility, reinforcing its dominance in the cryptocurrency market.
Bitcoin Edges Up Market Dominance
According to on-chain analytics platform Santiment, last week was the most volatile week the crypto industry has seen since the FTX collapse two years ago. Many altcoins crashed in value, effectively wiping out price gains that the bulls had pushed up for the past month.
For instance, Ethereum, the biggest altcoin, saw its value drop to as low as $2,300 for the first time in over six months. While many altcoins struggled to recover from the broader market downturn, Bitcoin’s resilience not only helped it reclaim lost ground but also increased its market share, further solidifying its position as the leading cryptocurrency.
A resurgence of bullish momentum propelled Bitcoin back above the $60,000 mark in a swift recovery just three days after it had plummeted below $50,000.
At the time of writing, Bitcoin is trading at $61,300 with a market cap of $1.2 trillion, a 1% increase in the past 24 hours. As such, 56.2% of the entire crypto market value is currently sitting in Bitcoin. According to data from CoinMarketCap, this is the highest level of Bitcoin’s market dominance since the peak of the 2021 bull market.
Altcoin Overview
While many altcoins have begun to recover from the significant losses experienced last week, their rebound efforts have not been as pronounced as Bitcoin. XRP is a notable exception. Altcoins gains are currently being led by XRP, which is in reaction to a recent ruling on the lawsuit between Ripple and the US SEC.
This legal development sparked a bullish response and propelled XRP’s price to $0.6372 on August 7. Although XRP has since undergone a slight correction and is now trading at $0.5923, it has managed to maintain an impressive 7.78% gain over the past week.
Toncoin (TON) has also witnessed gains during the weekend after it was listed on crypto exchange Binance. This significant event led to a surge in TON’s price by over 13% within 24 hours. As of the latest data, Toncoin is trading at $6.62 and has sustained a substantial 10.9% gain over the past week.
Featured image from Wired, chart from TradingView