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Market Watch: Bitcoin Dominance Eyes 70% As Total Market Cap Inches From $1 Trillion

As bitcoin jumped to a fresh all-time high of nearly $36,000 earlier today, most alternative coins have followed suit. Consequently, the total market cap has reached another ATH and has neared $1 trillion, while BTC’s dominance eyes 70% once again.

Exploding Alts Lead To ATH In The Market Cap

Just a few days ago, the cryptocurrency market plummeted in value with massive double-digit price drops from most alternative coins. However, the situation has changed completely 48 hours later.

Ethereum has led the charge with an impressive 10% price increase in a day. Although ETH is unable to reach its YTD high of $1,170, the second-largest cryptocurrency still trades around $1,100.

Bitcoin Cash (7%), Chainlink (8%), Polkadot (6%), and Binance Coin (5%) are also in the green.

Litecoin has added about 7% of value and has surpassed again XRP as the fourth-largest cryptocurrency by market cap. In contrast, Ripple’s native token has failed to take advantage of this market-wide rally as the company was sued once again.

Cardano is the most significant gainer from the top ten with a remarkable 20% surge. As a result, ADA trades at $0.27 – the highest level since mid-2018.

heatmap_quantifycrypto
Cryptocurrency Market Heatmap. Source: Quantify Crypto

Stellar’s performance is even more impressive. As reported yesterday, the Foundation signed a Memorandum with the Ukrainian government to develop a CBDC. XLM has exploded in value since then and has added another 55% in the past 24 hours to $0.251.

Further gains are evident from SushiSwap (20%), Maker (20%), FTX Token (20%), Matic Network (17%), Uniswap (16%), HedgeTrade (16%), Status (15%), IOTA (15%), MadeSafeToken (15%), and more.

Ultimately, the cumulative market capitalization has expanded to $970 billion. This means a $170 billion increase since the dip on Monday.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap

BTC’s Latest All-Time High Above $35K

The primary cryptocurrency also went through a massive price drop that resulted in a low beneath $28,000. However, bitcoin quickly recovered the losses and surged back above $30,000 on the same day.

In the past 24 hours, BTC initiated another leg up that resulted in breaking above $35,000 for the first time (on Bitstamp). The cryptocurrency didn’t stop there and continued upwards to a new all-time high of about $35,900.

Despite retracing slightly to about $34,600, BTC’s dominance over the market has increased to 69.5% after declining to 68% on Monday.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.


About The Author

Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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