Bitcoin reached the $55,000 region within the early hours of today, per data from coinmarketcap, before retracing to around $54,500. This is the highest it has gotten in the past week. Following a dump in the prices of crypto assets, Bitcoin dropped to around $47,500 last week but has since then recovered slightly as the metrics shows.
The price recovery of the flagship currency also means that its market capitalization crossed the $1 trillion mark, again. The market cap of Bitcoin in the past week was just around $870 billion. This is a great sign for the bulls and indicates that buyers are not done yet.
Despite Bitcoin’s recent momentum, Bitcoin’s dominance has fallen in recent times. At the moment, Bitcoin dominance is at 49 percent. This is the lowest it has gotten in the last three years. Altcoins on the other hand are beginning to pick up with great momentum.
In terms of market capitalization, Bitcoin remains the number one currency on the list. More institutions have kept buying the digital asset due to its outstanding performance over the years.
The Rise of Altcoins
In the last 24 hours, the price of Ripple has pumped by 20 percent. Ethereum is up by 4.5 percent, Uniswap is up by 11.8 percent, and Litecoin by 5.7 percent. Market experts expect the peak of the Alt season to begin soon. Alt season is usually the period where most Altcoins experience massive gains.
Two days ago, the aggregate crypto market cap was $1.75 trillion. However, the general crypto market has added another $100 billion in market cap in the last 24 hours and at the moment, the aggregate market cap is above $2 trillion.