Bitcoin Dominance Increases as BTC Levels Off at $84K (Market Watch)

BTC Sees Sustained Stability at $84K Following Volatility

Bitcoin BTCUSD saw extreme volatility yesterday, with a flash crash on certain exchanges sending its value plummeting by $3,000. That said, the top cryptocurrency has since stabilized around $84,000.

Bitcoin Dominance Increases

Bitcoin last week jumped to $88,800, a multi-week high, but was unable to hold the momentum and dropped in the following days. Things took a turn for the worse on Friday, with BTC falling to $81,600 before trying to recover over the weekend.

The beginning of the business week registered BTC at a weekly low of $81,200, but bulls halted downward movements below $80,000. Bitcoin rapidly recovered above $85,000, though a Bitstamp data glitch recorded a flash crash to $81,200, as it did not appear on Binance or other exchanges.

At the time of writing, BTC is trading slightly above $84,000, with a market cap of $1.67 trillion. More importantly, Bitcoin dominance is closing in on 60%, an increase of 1.5% from last week.

Altcoins Go Red as EOS, CRO Rally

While altcoins have generally experienced slight losses, EOS and CRO have performed above the market:

- EOS spiked 20%, currently trading above $0.80.

- CRO increased 7.5%, trading north of $0.105.

On the contrary, SOL, BNB, TON, LINK, DOGE, ADA, and XRP have all posted small losses, with the largest drop coming from SHIB amongst larger-cap altcoins.

Total Crypto Market Cap Declines

The overall crypto market capitalization fell by $40 billion from yesterday to $2.8 trillion, as per CG data.

As Bitcoin dominance increases and altcoins perform unevenly, the market continues to be in a state of uncertainty but dynamic movement.

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