After a largely sluggish week, Bitcoin has recovered. The foremost cryptocurrency is now trading north of $57k. This rebound comes after the bears had pushed it down to around $52k earlier in the week.
The altcoins market is on a rebound, too, with Binance coin and Ethereum now making new highs, per data from coinmarketcap. This is a sign of market strength given that bears were largely counting on Bitcoin’s lack of strength to break past the $60k as a sell signal.
The current rally has reestablished Bitcoin’s bullish momentum and pushed its market dominance a notch higher by 1%. The number one crypto has now re-established its market capitalization above the $1 trillion markets.
However, Bitcoin’s dominance, on the whole, is on the decline and now stands at around 49%. This is attributable to the gains that altcoins have made recently. Besides Binance coin and Ethereum, most altcoins are on a rebound.
These altcoins are recording exponential gains now that Bitcoin is gaining again, further eating into its overall market share. It will be interesting to see how the market plays out in the new month, now that it is off to a very strong start.