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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Dominance Reclaims June 2022 Levels As Altcoins Plummet

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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Created by industry experts and meticulously reviewed
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While the rest of the crypto market is currently in a bleeding state following the joyful green ride over the past few days, Bitcoin, the top cryptocurrency, has seen a surge in its dominance. This spike in dominance comes alongside the crypto price increase in the past day.

As of March 16, Bitcoin dominance is well above 45% reclaiming the June 2022 levels while also looking to reach the June 2022 dominance high of just above 48%.

A Surge in Bitcoin Dominance, A Plummet In Altcoins?

While the increase in BTC dominance may cause Bitcoin maxis to be on cloud 9, it might not just be good news to altcoin believers. This is because a rise in Bitcoin dominance could mean investors are giving up interest in altcoins and relocating to the top crypto.

Moreover, while the increase in Bitcoin dominance could be a result of the rising US bank crisis which has made many attracted to crypto as a way to store their funds, it could also mean that customers from traditional banks are only seeing Bitcoin as a reputable store of value, ignoring other altcoins. 

Bitcoin (BTC) dominance is moving sideways on the 1-day chart on TradingView.com
Bitcoin (BTC) dominance is moving sideways on the 1-day chart on TradingView.com

Over the past week, Bitcoin dominance has picked up from the 43% to 44% levels and has spiked to sit at 45.9%, at the time of writing. Though this indicates a rising interest in Bitcoin, BTC still trades just below $25,000 after tapping a nine-month high of $26,500 on Wednesday.

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Regardless of the banking crisis that seems to be worsening each day, Bitcoin price has spiked by more than 15% in the past 7 days after falling below the $20,000 mark to trade at $19,700 as of last week Friday when the crisis was just gearing up. 

Bitcoin price chart on TradingView
Bitcoin price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

In the past week, Bitcoin has added more than $90 billion to its market cap, pushing the global crypto market cap back above $1 trillion while also increasing its dominance by nearly 5% over the same time period.

Altcoins Records Decline 

Over the past 24 hours, the altcoin market has seen sharp declines with larger altcoins by market caps such as Ethereum (ETH), Ripple (XRP), Cardano (ADA), Polygon (MATIC), and Dogecoin (DOGE) are down by more than 1% respectively. 

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Ripple (XRP)

XRP Price Prediction: Topside Bias Vulnerable Unless It Surges Past $0.38

1 year ago

At the time of writing ETH is down 1.6% in the last 24 hours to trade at $1,656, XRP by 1.5% to trade at $0.363, ADA and MATIC by 3.1%, and 3.5%, respectively, with a trading price of $0.325 and $1.13. Dogecoin (DOGE) and Solana (SOL) recorded the highest loss among top altcoins, down 4% and 5.3%, respectively.

Meanwhile, out of the larger altcoins, Binance Coin (BNB) has moved in the opposite direction with an upward movement up by 3% in the last 24 hours with a trading price of $313.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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