The cryptocurrency market today is experiencing slight corrections. #Bitcoin is still hovering around $70,000 today.
Most #Altcoins are also correcting today. This pushed #BTC🔥🔥🔥🔥 's dominance rate to nearly 50%. The total cryptocurrency market capitalization today dropped to $2.8 trillion.
BTC dominance increases
BTC increased by more than $7,000 mid-last week after the latest FOMC meeting. However, that recovery was short-lived. The asset then quickly returned to $62,500 on Friday.
The bulls attempted to recover some ground during the weekend. This effort met with a minor success as BTC rose as high as $66,000. However, when Monday arrived, the landscape changed and Bitcoin began to gain traction late in the day.
In just a few hours, the asset skyrocketed by several thousand dollars and reached $71,000. A day later, BTC surged even higher and hit a multi-week high of $71,600 amid growing ETF inflows . However, the cryptocurrency failed in its mission to break its March 14 all-time high of $73,800 and return to below $70,000, its current level.
As a result, its market capitalization has fallen below $1.4 trillion. However, its dominance over altcoins has increased by almost 1% in the past few days and is up to 49.8%.
Altcoin correction
As BTC price drops daily but its dominance increases, this can only mean one thing for the altcoin space – trouble. In fact, most altcoins are in the red today, with #ETH leading the way in the past.
The second largest digital asset is down 3% and is at $3,550. Binance Coin, Solana, Ripple and Cardano have retraced around 3-5%.
Even more losses came from Toncoin (-9%), Avalanche (-6%), IMX (-7%), TAO (-9%), and HBAR (-6%).
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