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Bitcoin dominance surges as crypto markets show signs of consolidation

Published 20/05/2024, 12:08
Bitcoin dominance surges as crypto markets show signs of consolidation
BTC/USD
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ETH/USD
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Proactive Investors - Bitcoin (BCT) traders had nothing to write home about over the weekend trading session.

The world’s largest cryptocurrency stayed flat against the US dollar on Saturday before falling around one percentage point on Sunday.

Things were livelier this morning, with the BTC/USD pair recouping all of yesterday’s losses. At the time of writing, the pair was swapping for $66,274, roughly 9.2% higher week on week.

The cryptocurrency markets are showing signs of consolidation. Bitcoin dominance, which is a measure of bitcoin’s share of the entire cryptocurrency markets, has increased from 46% this time last year to more than 54% today.

It suggests a lack of risk appetite for more volatile, less liquid altcoins despite recent noise surrounding meme coins.

Ethereum (ETH)’s share of the market has dropped off considerably- from 19.6% to just 15.4%.

The ETH/USD pair is currently swapping for $3,100, or around 4.2% higher week on week.

In the broader altcoin space, Solana (SOL) has reared ahead with a 22% weekly gain, while Ripple (XRP), Dogecoin (DOGE) and Cardano (ADA) have added low to mid single digits.

Global cryptocurrency market capitalisation currently stands at $2.42 trillion.

Read more on Proactive Investors UK

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