Markets
Bitcoin’s dominance increases as cryptocurrency markets show signs of consolidation by proactive investors
Proactive Investors: Bitcoin (BCT) traders had nothing to get excited about during the weekend trading session.
The world’s largest cryptocurrency was unchanged against the US dollar on Saturday, before falling about a percentage point on Sunday.
Things were livelier this morning, with the pair recovering all of yesterday’s losses. At the time of writing, the pair was trading for $66,274, up about 9.2% on a weekly basis.
Cryptocurrency markets are showing signs of consolidation. Bitcoin dominance, which is a measure of Bitcoin’s share of the overall cryptocurrency market, has increased from 46% last year to over 54% today.
This suggests a lack of risk appetite for more volatile and less liquid altcoins, despite the recent noise surrounding meme coins.
Ethereum (ETH) market share has dropped significantly, from 19.6% to just 15.4%.
The pair is currently trading for $3,100, which is about 4.2% higher on the week.
In the broader altcoin space, (SOL) rose with a weekly gain of 22%, while (XRP), (DOGE), and (ADA) added low-to-mid single digits.
The global cryptocurrency market capitalization currently stands at $2.42 trillion.