Cryptos Rise, Bitcoin Dominance Climbs Above 50%

Cryptocurrencies as a whole gained close to half a percent in the past 24 hours even as major cryptocurrencies like Ethereum (ETH), XRP (XRP), Cardano (ADA), Dogecoin (DOGE) and Solana (SOL) struggled to trade in the green zone. Amidst the weakness amongst altcoins, Bitcoin’s crypto market dominance surged past 50 percent.

Overall crypto market capitalization is currently at $1.19 trillion versus $1.18 trillion a day earlier.

Bitcoin’s crypto market dominance is currently at 50.04 percent versus 49.87 percent a day earlier. Ethereum’s market dominance dropped to 19.00 percent, from 19.20 percent a day ago. Stablecoins currently account for 10.82 percent of the overall crypto market implying a market share of 20.14 percent for the residual altcoins.

Bitcoin (BTC) is currently trading at $30,603.69, having gained 0.71 percent overnight and 13.8 percent in the past 7 days. Year-to-date gains of the leading cryptocurrency now exceed 84 percent. The 24-hour trading range was between $29,955.74 and $30,752.57.

Ethereum (ETH) shed 0.40 percent overnight to trade at $1,876.51. Ether is holding on to weekly gains of more than 8 percent. The leading alternate currency touched a high of $1,905.36 and a low of $1,840.22 during the past 24 hours.

4th ranked BNB (BNB) edged down 0.2 percent overnight and continues to be saddled with weekly losses of almost a percent.

6th ranked XRP (XRP) dropped 0.4 percent overnight and in the past week.

7th ranked Cardano (ADA) dropped 2 percent overnight. The crypto’s gains over the past week however exceed 9 percent.

8th ranked Dogecoin (DOGE) declined 1.2 percent overnight. The weekly gains however exceed 5 percent.

9th ranked TRON (TRX) is trading with overnight gains of more than 1 percent. Weekly gains are close to 9 percent.

10th ranked Solana’s (SOL) shed more than 2 percent over the past 24 hours. Gains are more than 3 percent over the past week.

18th ranked Bitcoin Cash (BCH) added another 11 percent in the past 24 hours to trade at $231.56. BCH, an offshoot of Bitcoin has added 117 percent in the past week, 105 percent in the past 30 days and 138 percent in 2023. It also touched a 52-week high of $236.64 in the past 24 hours. The rally is attributed to growing open interest, social interest and trading interest following its listing on the recently opened EDX Markets. BCH was the top gainer in both the 7-day and 30-day horizon as well.

97th ranked Compound (COMP) also added more than 11 percent overnight.

59th ranked BiTDAO (BIT) is the biggest overnight laggard with a decline of more than 7 percent. 37th ranked NEAR Protocol (NEAR) follows with overnight losses of close to 7 percent.

Meanwhile an analysis of the 13 cryptocurrencies that the SEC had classified as securities in its recent suit against Coinbase reveals that the cryptocurrencies lost market capitalization following the lawsuit.

12th ranked Polygon (MATIC) and 71st ranked Flow (FLOW) have shed 27 percent over the past 30 days. 7th ranked Cardano (ADA) and 73rd ranked Chiliz (CHZ) have lost 22 percent over the same period. 49th ranked The Sandbox (SAND) declined 21 percent during the past 30 days. 60th ranked Axie Infinity (AXS), 90th ranked Dash (DASH) and 10th ranked Solana (SOL) have all erased between 14 and 16 percent. 30th ranked Internet Computer (ICP) declined 11 percent over the past 30 days. 31st ranked Filecoin (FIL), 37th ranked NEAR Protocol (NEAR) and 432nd ranked Voyager Token (VGX) have all lost close to 9 percent over the past 30 days. 93rd ranked Nexo (NEXO) has however declined only 5 percent.

In contrast, Bitcoin has gained 16 percent and Ethereum has added 2 percent during the same 30-day period.

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