BTC, as per CMC data, has reclaimed its June 2022 dominance ATH. This comes as altcoins fell despite recent banks' saga causing an uptrend.
About a week ago, Bitcoin’s price performance hit rock bottom as it fell below $20,000 for the first time in two months. Yet, Bitcoin boomed as the financial crisis in the US and Europe deepened.
It began its ascent over $22,000 and eventually reached about $24,000. Nonetheless, the surge persisted for hours after that, sending BTC to a high of almost $26,500 (on Bitstamp) and setting a new nine-month high.
Altcoins plunge
Other cryptocurrencies also soared mid-week to new local heights, but most have gone red today. The price of ether has dropped by close to 1% as Ripple also retraced by a comparable proportion as of writing. Additional losses came from Cardano, Polygon, Dogecoin, Solana, Polkadot, Shiba Inu, Litecoin, and Avalanche, recording a decline of between 1% and 8% across the board within the same period despite some recording good weekly gains.
Only Binance Coin stands out as the asset showed a daily increase among the top 10 altcoins, trading at $317 as of writing.
Why is BTC dominating?
Amid the recent banks’ saga in the US, many investors seem to question the credibility of banks with many looking into Bitcoin despite having not-so-much crypto knowledge. This rise in BTC trust can be attributed to the recent statements by many crypto personals that Bitcoin was built to thrive under such.
According to Novogratz in a recent CNBC interview, Bitcoin is going to thrive now more than ever as Satoshi’s goal with Bitcoin was to kill the uncertainity presented by banks.