Bitcoin’s price went to a new multi-week high of just under $103,000 but was stopped there and pushed south by around a grand.
The altcoins have performed a lot worse on a 24-hour scale, resulting in a growing BTC dominance.
BTC Dominance Increases
Monday and Tuesday saw a few violent price rejections for the primary cryptocurrency, which was driven to $94,400 on a couple of occasions during those days. However, the bulls managed to prevail and propelled a few leg-ups that helped BTC recover all losses and were quick to challenge the six-digit entry territory by Thursday.
In fact, bitcoin indeed broke through that level and spiked to $102,000 on Friday and Saturday. It was stopped there at first but the bulls drove it even further hours ago to just under $103,000.
Nevertheless, it couldn’t penetrate that line and now sits beneath $102,000. Nevertheless, its market capitalization continues to see new local peaks and sits well above $2 trillion.
BTC’s dominance over the altcoins is also on the rise. The metric has jumped to over 53% on CG after dropping to 52.5% yesterday.
Bitcoin/Price/Chart 15.12.2024. Source: TradingView Alts in Retrace
Most altcoins also tried to break out during the weekend, but most have been stopped in their tracks and are with notable losses on a daily scale. Ethereum and Ripple are down by around 2%, with the former struggling below $3,900 and the latter at $2.4.
ADA, DOGE, BNB, and SOL have dropped by up to 5% in the case of the first. Tron, Avalanche, Polkadot, and SUI have slumped even more, in some cases by up to 8%.
The cumulative market capitalization of all crypto assets is down by around $70 billion in a day and is well below $3.8 trillion on CG now.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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