Bitcoin Dominance Reaches Six Week High Amid Rising Crypto Market Cap

Bitcoin’s crypto market dominance reached a six-week high of 50.6% earlier today. Over the past month, Bitcoin’s dominance grew by over 3%, going from 49% to as high as 50.71%. BTC’s growing dominance came amid a considerable increase in the total crypto market capitalization, which reached a whopping $1.1 trillion. 

Crypto market data aggregator Crypto Rank took to X (formerly Twitter) earlier today to share several key crypto metrics:

According to crypto market data gathered by Crypto Rank, the top ten cryptocurrencies were trading in different directions. Cryptocurrencies like BTC (+0.51%), BNB (+0.09%), ADA (+1.23%), and TRX (+0.2%) witnessed considerable price appreciation. On the other hand, cryptocurrencies like SOL (-1.5%), XRP (-2.01%), and ETH (-0.48%), recently saw their prices tank.

Data from CoinMarketCap showed that BTC’s price reached $27,870 earlier today, despite an 11.47% decrease in its daily trading volume. This, paired with the recent increase in crypto’s total market capitalization, indicated investors’ confidence in the crypto market. Additionally, the crypto fear and greed index’s latest reading of 45.24, indicated neutral sentiment among crypto investors. 

ICO Drops on X stated that Bitcoin had outperformed the Standards & Poors (S&P) 500 index over the past 24 hours. BTC gained 0.83% while the S&P 500 only gained 0.8. Meanwhile, centralized crypto exchanges witnessed total liquidations of $36.9 million over the same period. Binance and OKX accounted for over half of the total crypto liquidations. 

Data from the on-chain analytics platform Coinglass showed that the total open interest on BTC and ETH perpetual contracts increased by 2.6% and 2.1% respectively. The liquidation heatmap was dominated by BTC ($481,000) and SOL ($157,000). Investors’ BTC sentiment showed that 20% were bullish, while 18% were very bullish.