- BTC remained the most dominant asset despite the recent declines.
- BTC rose above the $61,000 price range.
Bitcoin [BTC] prices fluctuated and moved in and out of the red zone, highlighting the lackluster trend the country has been experiencing.
Despite these fluctuations, Bitcoin dominance has managed to remain above 50%, albeit with marginal changes.
This continued dominance above 50% has also affected the overall trend of cryptocurrency market capitalization.
Bitcoin dominance remains over 50%
AMBCrypto’s analysis of Bitcoin’s dominance data CoinMarketCap indicated that by the end of the previous year, BTC’s dominance fell below 50%, indicating a decline in BTC’s market capitalization.
However, in early 2024, the market capitalization reached the 50% threshold again and continued to rise. As of the last recorded data on May 11, BTC’s dominance was over 53%.
Source: CoinMarketCap
It is worth noting that CoinMarketCap calculates data weekly. As for the 24 hour data of Crypto Rank by May 12, BTC’s dominance had dropped to around 50%.
However, over the past 24 hours, BTC’s dominance has increased by approximately 0.4%, bringing it back above 51% at the moment.
This translates to approximately 51% of the total crypto market capitalization.
Bitcoin’s market cap maintains a $1 trillion threshold
Analysis of the crypto market capitalization trend CoinMarketCap revealed that it was approximately $2.3 trillion at the time of writing.
Recent data has pointed to a reduction in market capitalization in recent weeks, with a drop of over 2% in the last 24 hours. Declines in the prices of various crypto assets are mainly to blame for the decline.
Also, after a period in 2022 when the market cap fell below the $2 trillion mark, the market cap came back into this range around March and has remained there since, albeit with fluctuations.
Further examination of the data shows that of the total market capitalization of $2.3 trillion, Bitcoin accounts for more than $1.2 trillion.
Despite market fluctuations, Bitcoin’s price has managed to hover around $60,000.
This kept the market cap above $1 trillion for an extended period of time, keeping Bitcoin’s dominance above 50%.
BTC pushes above $62,000
AMBCrypto’s analysis of Bitcoin’s daily price trend indicated that it has risen above the $62,000 price zone. At the time of writing, the stock was trading around $62,500, up more than 1%.
This was the first return to this price range in the last three days.
Source: TradingView
Read Bitcoin’s [BTC] Price forecast 2024-25
Should this momentum continue, BTC could test its short-term resistance level at around $64,000.
However, it is worth noting that at the time of writing, the company is still in a bear trend according to the Relative Strength Index (RSI).