Trading at $28,000, Bitcoin is not only continuing to rise in price, it is also leaving other cryptocurrencies behind. The data indicates that its market dominance exceeded 45%, the highest level since June 2022. This is not to say that altcoins are falling, on the contrary. Of the top 100, only two appear to have underperformed in the past week, including a stablecoin that had appreciated with the USDC crisis. So this is further proof that Bitcoin is carrying the crypto industry in tow as it serves as a haven for the American banking crisis.
Bitcoin, the incomparable
While there are thousands of cryptocurrencies, few of them can be classified as competitors to Bitcoin. After all, the banking crisis revived the motives for its creation and put its narrative on top. As a consequence, Bitcoin’s dominance continues to grow in the month of March. If in December 2022 it was at 38%, now its superiority is already above 45.3%.
Bitcoin dominance grows amid the banking crisis, reaching the highest level in the last 9 months. Source: CoinMarketCap. As seen above, not even Ethereum was able to keep up with the rise of Bitcoin. The same goes for smaller cryptocurrencies, in or out of the top 10.
Bitcoin leads gains outside of cryptocurrency market
With a market value of $533 billion, Bitcoin surpassed the Target (Facebook) and resumed the 11th position among the largest assets in the world. In appreciation terms, metals are also benefiting from the banking crisis. While gold was up 6.46% for the week, silver was up 10.4%. However, none come close to Bitcoin’s 36% appreciation.
Of the world’s top 100 assets, Bitcoin was the best performer for the week, followed by Ethereum, AMD, Alphabet (Google) and Microsoft. Source: 8marketcap. Finally, analysts note that Bitcoin has a clear path to rise another 23%, which could increase its dominance over the market. However, the bulls need to catch their breath.
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