Bitcoin Dominance Dwindles as ETH, SOL, DOT, MATIC Continue to Outperform (Market Watch)

Bitcoin soared past $44,000 once again in the past few hours, but the bears quickly put a stop to this run and pushed the asset south.

Most altcoins are in the green now, even though they were trading higher hours ago. Nevertheless, they continue to reduce BTC’s dominance over the market.

BTC Stopped Above $44K

The business week started on a negative note for the primary cryptocurrency, which dumped to $40,500 on Monday. The bulls came out to play then and propelled a price surge that drove the asset north in the following days. After a brief retracement on Tuesday evening, BTC found itself soaring to $44,000 on Wednesday.

However, the bears hadn’t given up their control yet and pushed bitcoin south again. Nevertheless, the asset started gaining traction in the past several hours and jumped to a multi-week peak of $44,400 (on Bitstamp).

Another rejection followed, however. As of now, BTC trades almost a grand below its intra-day high, and its market capitalization has fallen back down to $850 billion.

Its dominance over the altcoins has also declined and is down to 51.5% on CMC. This means that the metric has decreased by almost 1% in the past few days.

Alts Outperform

The declining BTC market dominance means that the altcoins have performed better lately, and this is particularly true for Solana. SOL briefly soared to $100 today and surpassed BNB as the fourth-largest cryptocurrency. Despite retracing from that 19-month peak, SOL is still 6% up on the day and trades above $90.

The other notable gainers on a daily scale from the larger-cap alts include Polkadot (6%) and Polygon (8%). Ethereum has jumped by 5% and is well above $2,300 now. Ripple, Cardano, Dogecoin, Binance Coin, Tron, Toncoin, and Chainlink are also in the green.

Avalanche has declined the most from this cohort of alts, having lost nearly 4% of value on a daily scale.

Optimism has skyrocketed by over 30% now and trades just inches away from $3.