The calm weekend in April witnessed Bitcoin’s quiet dominance north of $29,000, and the altcoins had a peaceful slumber. The trading volume disappeared, but on a weekly scale, BTC’s dominance rose over a percentage. This lack of volatility is similar to the previous weekends, where little significant price movement happened in either direction for bitcoin.
The past week saw Bitcoin jump to $28,000 on Monday, promptly followed by a return to $27,000. It was not until late Tuesday when the cryptocurrency went on an upward trajectory, reaching a high of $30,000. However, a rejection at that point sent Bitcoin south by $3,000, putting it back at its previous price position. The US banking issues that emerged subsequently brought Bitcoin closer to $30,000 once more, but it failed to cross the threshold. Currently maintaining stability at over $29,000, Bitcoin’s market cap has touched $570 billion, and its dominance over the altcoins has risen over 1% since last week, now standing above 47%.
The quiet weekend also manifested in the altcoin market. With the disappearance of trading volumes, most alternative coins experienced no notable price movements in either direction. Ethereum remained at $1,900, Binance Coin, Ripple, Cardano, Polygon, Shiba Inu, and Avalanche saw marginal declines, while Dogecoin, Solana, Polkadot, Litecoin, and Tron registered insignificant daily gains. The only notable gainer among the top 50 altcoins was HBAR, with a 4.5% daily increase.
This lack of movement throughout the cryptocurrency market raises questions. Were the weekend lulls a sign of the calm before a storm, or simply a byproduct of the trading volume disappearing? The debate surrounding the stability and growth of cryptocurrencies like Bitcoin continues. While some argue that consistent growth in market cap and dominance can be regarded as a double-edged sword, others remain optimistic about the potential for future gains despite the short-term absence of volatility.
Nevertheless, as the weekend dawns, the slumber of Bitcoin and the Altcoin market signals stability. The total market cap stands just above $1.2 trillion, reflecting the stillness in the market for both high and low cap alts. With no signs of significant gains or losses and the discussion surrounding the pros and cons of market performance still ongoing, the crypto community awaits to see what the future weeks hold for cryptocurrencies.
Source: Cryptopotato
Bitcoin Extends Dominance Over Alts as BTC Stable Above $29K: Market Watch
