Bitcoin
Bitcoin Dominance Reaches 50% Amid Market Volatility: What’s Next?
- BTC has remained the most dominant asset despite recent declines.
- BTC rose above the $61,000 price area.
Bitcoin [BTC] prices have been fluctuating, moving in and out of the red zone, highlighting the weak trend it has been experiencing.
Despite these fluctuations, Bitcoin’s dominance managed to remain above 50%, albeit with marginal changes.
This sustained dominance above the 50% mark has also influenced the overall trend of cryptocurrency market capitalization.
Bitcoin dominance remains at over 50%
AMBCrypto Review Bitcoins dominance data CoinMarketCap indicated that at the end of the previous year, BTC’s dominance fell below 50%, signaling a decrease in BTC’s market capitalization.
However, in early 2024, the market capitalization regained the 50% threshold and continued to increase. In the latest data recorded on May 11, BTC’s dominance was over 53%.
Source: CoinMarketCap
It is important to note that CoinMarketCap calculates data on a weekly basis. As for 24-hour data Cryptographic classification on May 12, BTC’s dominance dropped to around 50%.
However, over the past 24 hours, BTC’s dominance has increased by approximately 0.4%, returning to over 51% at this time.
This translates to around 51% of the total crypto market capitalization.
Bitcoin Market Cap Maintains $1 Trillion Cap
Crypto market capitalization trend analysis in CoinMarketCap revealed that it was about $2.3 trillion to date.
Recent data has indicated a reduction in market value in recent weeks, with a drop of more than 2% in the last 24 hours. Declines in the prices of several crypto assets primarily drive the decline.
Furthermore, after a period in 2022 in which the market capitalization fell below the $2 trillion mark, it re-entered this range around March and has since remained at that level, albeit with fluctuations.
A deeper analysis of the data highlights that of the total market capitalization of US$2.3 trillion, Bitcoin represents more than US$1.2 trillion.
Furthermore, despite market fluctuations, the price of Bitcoin managed to hover around $60,000.
This ensured that its market capitalization remained above the $1 trillion mark for an extended period, allowing Bitcoin’s dominance to remain above 50%.
BTC makes push above $62,000
AMBCrypto Review Bitcoin the daily price trend for the period indicated that it rose above the $62,000 price zone. It was trading around $62,500 at the time of writing, up more than 1%.
This marked the first return to this price range in the last three days.
Source: TradingView
To read Bitcoins [BTC] Price prediction 2024-25
If this momentum persists, BTC could test its short-term resistance level around $64,000.
However, it is important to note that it has remained in a downtrend according to its Relative Strength Index (RSI) at press time.