bitcoin It started last week pretty sideways and traded sluggishly around $26,000. All eyes were on the US due to CPI figures and the FED’s next FOMC meeting, both scheduled for release within the week.
Bitcoin Domination Rises to 2-Year High as BTC Holds $26K
Despite being relatively dormant for the past few days, Bitcoin’s dominance is on CMC for the first time in more than two years. of 49% got on it.
This situation, ATOM, APT, ADA and more, causing most of the larger volume altcoins to suffer small daily losses.
Inflation rates announced on Wednesday showed a small decrease. However, this did not affect BTC’s price movements much, except for a brief surge of $200.
The Fed, expectedly, decided to pause its monetary policy on raising interest rates on Thursday.
More surprising was the effect this had on Bitcoin, as BTC shed more than $1,000 in the following hours, falling below the last three-month low of $24,800.
However, when news broke that BlackRock had applied for a BTC Spot ETF, it was able to make a splash quite quickly.
This caused a price increase of $ 1,000 in the first place. BTC calmed down later and stayed around $26,500 for several days.
Bitcoin’s market cap is just over $510 billion, but its dominance over altcoins is 49.74% on CMC, the highest in over two years.
*Not investment advice.
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