Markets
Bitcoin Dominance Increases as Crypto Markets Show Signs of Consolidation By Proactive Investors
Proactive Investors – Bitcoin (BCT) traders had nothing to write home about during the weekend trading session.
The world’s largest cryptocurrency remained stable against the US dollar on Saturday before falling about a percentage point on Sunday.
Things were livelier this morning, with the pair recovering all of their losses from yesterday. At the time of writing, the pair is trading for $66,274, up around 9.2% week over week.
Cryptocurrency markets show signs of consolidation. Bitcoin dominance, which is a measure of Bitcoin’s share of all cryptocurrency markets, has increased from 46% last year to over 54% today.
This suggests a lack of risk appetite for more volatile and less liquid altcoins, despite the recent noise surrounding meme coins.
Ethereum (ETH) market share has dropped considerably – from 19.6% to just 15.4%.
The pair is currently trading for $3,100, or about 4.2% higher week over week.
In the broader altcoin space, (SOL) advanced with a 22% weekly gain, while (XRP), (DOGE), and (ADA) added low to mid-single digits.
The global market capitalization of cryptocurrencies is currently $2.42 trillion.