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Bitcoin Dominance At a 5-Month High as Altcoins Take a Beating (Market Watch)

PARIS, FRANCE - APRIL 03: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed on April 03, 2019 in Paris, France. Bitcoin is an electronic money that has seen an incredible increase in 2017, its price has reached 20,000 euros. But, while cryptocurrency has been trading for some months around 3200 to 3500 euros, it has risen to 5000 euros since yesterday. According to one analyst, this move would be linked to a single buyer who would have passed a colossal order to make up the course. (Photo by Chesnot/Getty Images)

While BTC has rallied to yet another fresh yearly high, this time touching the $16,500 mark, the altcoins have stood behind. Bitcoin’s dominance has expanded as a result.

Bitcoin marches confidently towards new yearly highs while most alternative coins have failed in pursuit. Consequently, BTC’s dominance over the market has climbed above 65%.

Red Dominates The Altcoins

On a 24-hour scale, most alternative coins have either decreased in value or remained stagnant.

Ethereum initiated a leg up towards $470, but the bears didn’t allow any further increases. In fact, they drove ETH’s price south, and the second-largest cryptocurrency struggles at $460 as of writing these lines.

Ripple also took another swing at $0.26 but to no avail. XRP has slid since then and trades below $0.255.

Polkadot (-0.6%), Binance Coin (-0.8%), and Cardano (-0.9%) have all declined slightly from the top ten. However, Bitcoin Cash and Chainlink have lost the most value here. BCH’s 5% drop has decreased the asset to $250, while LINK (-3%) is below $12.5.

Litecoin is the only exception. LTC has pumped by 4.5% and hovers above $60.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from ABBC Coin (-11.6%), Ocean Protocol (-11%), NEAR Protocol (-10%), and OMG Network (-9%). In contrast, Decred is the most significant gainer since yesterday, with a 15% price increase.

BTC’s Dominance Rises With A New YTD High

As reported earlier today, Bitcoin doubled-down on its recent impressive performance. Less than a week after sufferring a severe price breakdown that took it to $14,300, BTC overcame the $16,000 obstacle.

However, that didn’t seem enough for the primary cryptocurrency. The bulls took it a step further in the following hours, and BTC touched $16,500 – the new highest price tag since January 2018.

Although Bitcoin has retraced slightly to $16,280, this is still a 2.3% increase in a day.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin’s dominance has increased as a result of the aforementioned price developments for BTC and the altcoins. The metric comparing the total market capitalization of the first-ever digital asset with all other coins now displays 65.2%. This is a 1.5% increase since November 11th, when most altcoins, especially DeFi tokens, were rallying

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