Market Watch: Bitcoin Dominance Eyes 70% As Total Market Cap Inches From $1 Trillion

As bitcoin jumped to a fresh all-time high of nearly $36,000 earlier today, most alternative coins have followed suit. Consequently, the total market cap has reached another ATH and has neared $1 trillion, while BTC’s dominance eyes 70% once again.

Exploding Alts Lead To ATH In The Market Cap

Just a few days ago, the cryptocurrency market plummeted in value with massive double-digit price drops from most alternative coins. However, the situation has changed completely 48 hours later.

Ethereum has led the charge with an impressive 10% price increase in a day. Although ETH is unable to reach its YTD high of $1,170, the second-largest cryptocurrency still trades around $1,100.

Bitcoin Cash (7%), Chainlink (8%), Polkadot (6%), and Binance Coin (5%) are also in the green.

Litecoin has added about 7% of value and has surpassed again XRP as the fourth-largest cryptocurrency by market cap. In contrast, Ripple’s native token has failed to take advantage of this market-wide rally as the company was sued once again.

Cardano is the most significant gainer from the top ten with a remarkable 20% surge. As a result, ADA trades at $0.27 – the highest level since mid-2018.

heatmap_quantifycrypto — Cryptocurrency Market Heatmap. Source: Quantify Crypto

Stellar’s performance is even more impressive. As reported yesterday, the Foundation signed a Memorandum with the Ukrainian government to develop a CBDC. XLM has exploded in value since then and has added another 55% in the past 24 hours to $0.251.

Further gains are evident from SushiSwap (20%), Maker (20%), FTX Token (20%), Matic Network (17%), Uniswap (16%), HedgeTrade (16%), Status (15%), IOTA (15%), MadeSafeToken (15%), and more.

Ultimately, the cumulative market capitalization has expanded to $970 billion. This means a $170 billion increase since the dip on Monday.

Crypto Market Cap. Source: CoinMarketCap

BTC’s Latest All-Time High Above $35K

The primary cryptocurrency also went through a massive price drop that resulted in a low beneath $28,000. However, bitcoin quickly recovered the losses and surged back above $30,000 on the same day.

In the past 24 hours, BTC initiated another leg up that resulted in breaking above $35,000 for the first time (on Bitstamp). The cryptocurrency didn’t stop there and continued upwards to a new all-time high of about $35,900.

Despite retracing slightly to about $34,600, BTC’s dominance over the market has increased to 69.5% after declining to 68% on Monday.