Bitcoin Maintains $60K Threshold As Its Dominance Rises To Three Year High

The price of Bitcoin (BTC) stalled just below $63,000 but has managed to maintain the $60,000 mark after a swift drop. Altcoins have been relatively slow on a daily basis, with XRP, ETH, and SOL showing declines, while TON has increased by over 4%.  The total crypto market capitalization has decreased slightly over the past day, now standing at $2.217 trillion on CoinGecko.

BTC Dominance On The Rise

The primary cryptocurrency faced a challenging weekend. Following a significant drop to nearly $60,000 by Sunday morning, the situation worsened with a fall to $57,000 later that day. Monday saw a further decline to just under $50,000, marking its lowest point in about six months.

Support arrived when the bulls intervened, halting any additional declines. BTC began to recover, rising to $53,000 on Tuesday and $57,000 by Thursday. Another rise on Friday pushed the cryptocurrency close to $63,000. However, Bitcoin could not sustain its upward trajectory and has since lost some momentum. It has slid toward $60,000 but has managed to hold that level, currently trading around $700 above it.

Growing Dominance

Bitcoin saw its market capitalization slightly decrease to $1.2 trillion, but its dominance over alternative coins continues to grow. This metric now stands at 54% on CoinGecko, the highest since April 2021.

Meanwhile, most major altcoins experienced minor retracements. Ethereum fell by over 1% in the past 24 hours but remains above $2,600. Solana and Ripple dropped by 2-3%, to $155 and $0.58, respectively. DOGE, AVAX, SHIB, and ADA also showed slight declines. In contrast, TON increased by more than 4% and trades above $6.7. CRO is the top performer among mid-cap altcoins, having surged by over 9%.

Other Markets

San Francisco is working to rebuild its global image by hosting the APEC Summit. In the US, earnings growth is emerging beyond major tech firms, while global markets face increased selloff pressure due to rising risks. Experts suggest the recent VIX spike was misleading, and Japanese stocks are recovering after a severe decline into bear market territory, which has removed excess speculation within the $6 trillion market.

Kamala Harris and her running mate are touring battleground states, with Harris asserting she will not interfere with the Federal Reserve. In Mumbai, SEBI Chair Madhabi Puri Buch faces scrutiny following allegations of a conflict of interest with Adani. Blackstone has released its earnings figures, and the private credit sector is seeking higher margins on loans. In Serbia, a major lithium mining project is met with new protests. Meanwhile, climate activists are targeting Wall Street bankers, with protests outside Citigroup focusing on fossil fuel lending.