Bitcoin (BTC) Dominance Grows as Altcoins Go in Retrace Mode (Market Watch)

Bitcoin’s price failed to overcome the $71,000 level decisively and has been pushed down to just under $70,000 as of now.

However, the altcoins have retraced even more on a daily scale, which has pushed the BTC dominance to almost 50%.

BTC’s Dominance Grows Despite Retracement

The primary cryptocurrency added over seven grand in the middle of last week after the latest FOMC meeting. However, that rally was short-lived, and the asset quickly returned to $62,500 by Friday.

The bulls tried to recover some ground during the weekend, and the attempt saw a minor success as BTC went as high as $66,000 before retracing to $64,000. Once Monday arrived, though, the landscape changed and Bitcoin started gaining traction at the end of the day.

In a matter of hours, the asset shot up by several grand and went as high as $71,000. A day later, BTC pushed even higher and tapped multi-week peak of $71,600 amid growing ETF inflows. Nevertheless, the cryptocurrency failed at its mission to break its March 14 all-time high of $73,800 and returned to just under $70,000, where it currently stands.

As a result, its market capitalization has slipped below $1.4 trillion. Its dominance over the alts, though, has gained almost 1% in the past few days and is up to 49.8% on CoinGecko.

Alts Retrace

Since BTC’s price has gone down daily, but its dominance is going up, this means only one thing for the altcoin space – trouble. In fact, most alts have turned red today, with ETH leading the past.

The second-largest digital asset is down by 3% and sits at $3,550. Binance Coin, Solana, Ripple, and Cardano have retraced by somewhere between 3-5%.

Even more losses come from the likes of Toncoin (-9%), Avalanche (-6%), IMX (-7%), TAO (-9%), and HBAR (-6%).

The total crypto market cap has shed more than $50 billion since yesterday’s peak and is down to well below $2.8 trillion on CG.