- Despite the recent decline, BTC remained the most dominant asset.
- BTC rose above the $61,000 price range.
Bitcoin [BTC] Prices have been oscillating in and out of the red zone, highlighting the lackluster trend to date.
Despite these fluctuations, Bitcoin's dominance has managed to remain above 50%, albeit with small changes.
This continued dominance above the 50% mark is also impacting the overall trend of cryptocurrency market capitalization.
Bitcoin's advantage is still over 50%
AMBCrypto's analysis of Bitcoin dominance data from CoinMarketCap shows that towards the end of last year, BTC's dominance fell below 50%, and BTC's market capitalization was decreasing.
However, as 2024 began, the market capitalization regained the 50% norm and continued to rise. As of the last recorded data on May 11th, BTC's lead was over 53%.
Source: CoinMarketCap
It is worth noting that CoinMarketCap calculates the data on a weekly basis. Looking at Crypto Rank’s 24-hour data on May 12th, BTC’s dominance had fallen to around 50%.
However, within the past 24 hours, BTC's dominance has increased by around 0.4% and is now back at over 51%.
This is equivalent to approximately 51% of the virtual currency market capitalization.
Bitcoin market capitalization maintains $1 trillion threshold
An analysis of cryptocurrency market capitalization trends on CoinMarketCap reveals that it is approximately $2.3 trillion at the time of writing.
Recent data shows that its market capitalization has declined over the past few weeks, dropping by more than 2% in the past 24 hours. Falling prices of various crypto assets are mainly responsible for the decline.
Additionally, there was a period in 2022 when the market capitalization fell below the $2 trillion level, but it re-entered this range around March and has remained at that level ever since, albeit with some fluctuations.
Digging deeper into the data reveals that Bitcoin accounts for over $1.2 trillion of the $2.3 trillion market capitalization.
Also, despite market fluctuations, the price of Bitcoin has managed to stay around $60,000.
This ensured that the company's market capitalization would remain above $1 trillion for a long time, allowing Bitcoin's dominance to remain above 50%.
BTC surpasses $62,000
AMBCrypto's analysis of Bitcoin's daily time frame price trend shows that Bitcoin is surging above the $62,000 price range. At the time of writing, it was trading at around $62,500, up more than 1%.
This is the first time the stock has returned to this price range in the past three days.
Source: TradingView
read bitcoin [BTC] Price prediction for 2024-2025
If this momentum continues, BTC could test short-term resistance near the $64,000 level.
However, it is worth noting that the Relative Strength Index (RSI) at the time of writing still shows a bearish trend.
