Bitcoin “eats” altcoins: BTC dominance index at a maximum of 4 months

Crypto markets have held gains largely thanks to Bitcoin’s rally yesterday. Total market capitalization remains over $180 billion at the time of writing as BTC eats into the altcoins while its dominance climbs to the highest levels this year.

Bitcoin surged through $5,600 yesterday and spent most of the past 24 hours above it. It has started to pull back now though in early Asian trading and was sitting around $5,500 this morning. Volume is currently at a weekly high of $17 billion and momentum has remained with BTC which has increased its total market share. Analysts are expecting a pullback but the correction should not be too severe;

Ethereum has dropped back to just below $165, it did not react with BTC this time and has remained pretty flat over the past week or so. ETH is falling back to last week’s levels as all gains get wiped out.

Altcoins have not rallied this time around and the top ten is all red today. The biggest two losers are Binance Coin and Cardano which have dumped 6 to 7 percent on the day. The rest have slumped 2 to 4 percent as traders move into Bitcoin or back into stablecoins.