Bitcoin Dominance Soars As BTC Price Above $56,000

Bitcoin dominance is growing as Bitcoin rebounds towards $ 56,000, but to no avail as dominance continues to rise. So let’s read more about it in our Bitcoin news today.

After slipping below $ 54,000 a day ago, the value began to rise again, reaching nearly $ 56,000, but some altcoins like XRP and DOT have seen some gains over the past day with Bitcoin’s dominance. The main cryptocurrency exploded over $ 50,000 and has not looked back since. But the opposite happened, it was mostly hack and resulted in $ 56,000 mining for the first time in five months a few days ago. Breaking one more level was even harder than expected when the bears stopped moving and pushed BTC south, causing BTC to drop several thousand dollars below $ 54,000.

The situation changed again yesterday, so instead of falling further south, Bitcoin  began to appreciate again and hit $ 56,000 a few hours ago.

However, it could not go up any further and several hundred dollars were withdrawn. It’s still above 1.5% that day and near the $ 56,000 mark. Bitcoin’s market cap is at $ 1.050 trillion, with dominance over altcoins reaching 45% as most lag behind their leaders. Most altcoins have stalled against the market leader in the past few days, but pretty quiet against the dollar. ETH was unable to hold above USD 3600 and a slight drop over 24 hours caused it to drop back below the level.

Cardano and DOGE have seen some gains while Solana, Terra, Binance Coin and Avalanche are all in the red. In contrast, Ripple and Polkadot have seen some gains for the past day. XRP is up 10% to $ 1.8 while DOT is up 8% and is above $ 35. The biggest winner since yesterday is Stacks, up 38%, pushing the price above $ 2. Klatyn is up 11% and Qtum is up 10% while IOTA is up 7%. The crypto market cap increased slightly that day and is now at $ 2,330 trillion.

As recently reported, Bitcoin ended the week up 15% as regulatory concerns ease and bullish sentiment eases in anticipation of BTC-backed exchange-traded fund futures in the US on Monday. Over the past day, BTC has stayed flat, hovering above $ 54,000 on Friday afternoon, with the largest cryptocurrency by market once again topping the $ 1 trillion mark this week.

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