Bitcoin Weekend Run Surpasses $20,000 Mark, Dominates Altcoins

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Even though the cryptocurrency industry crashed in 2022, Bitcoin’s status as an “alpha coin” has remained remarkably stable. With a market capitalization of over $398 billion and a trading volume of $24,180,295, Bitcoin’s dominance over the past 24 hours has increased by 43%.

According to market watchers, the BTC bull market officially started in 2023 and is expected to increase in value. Additionally, the US Consumer Price Index (CPI) was released earlier this week, showing that the value of the US dollar is falling against other currencies. On the other hand, the CPI data gave the market the confidence it needed to follow the downward trend in inflation.

Over the previous week, BTC dominance rose nearly 2%, returning to a multi-month high as the value broke through the $20,000 level.

BTC market cap dominance of 43.04%. BTC.D chart on Tradingview.com.Bitcoin shows bullish momentum

Rekt Capital says BTC will surprise investors next week by trading above $21,000. This recovery has encouraged traders and investors around the world to re-enter the Bitcoin market and make quick money.

This is a very strong new test #BTC Dominance of blue as support

A weekly close at these current levels would likely set $BTC dominance for further gain before next week.

Bitcoin looks poised for greater market dominance, likely at the expense of Altcoins#Crypto #Bitcoin https://t.co/86QZqvR5hf pic.twitter.com/8O1qIBlE7p

Rekt Capital (@rektcapital) January 13, 2023

After BTC officially surpassed $17,000 earlier this week, the outlook for the asset has been more bullish than it was at the end of 2022.

On Friday night, the price of BTC surged past $18,000, then $19,000, and finally hit $20,000. The following hours saw a bull-initiated rise, which eventually pushed BTC to near $21,000 on Sunday.

At this price, bitcoin has caught up with everything since the collapse of FTX-Alameda Research more than two months ago. Even though it has dropped from its local peak, the price is still well above $20,000. The cryptocurrency’s market valuation is close to $400 billion, and many investors are hoping for a new bull run to begin any day.

Fundstrat’s head of digital asset strategy, Sean Farrell, told Bloomberg:

Crypto-assets performed well after the soft CPI print, suggesting that crypto’s correlation with the macro won’t go away anytime soon

As Bitcoin Rises, Altcoins Fall

On yesterday’s daily charts, most altcoins showed gains, but those numbers are now negative. After rising over 35% in one day and almost 70% in one week, it turned bullish around $22.45 and is now moving in that direction. However, it currently sits below this level due to the daily decline of 4.5%.

The top 10 daily cryptocurrencies that lost value are Dogecoin (DOGE), Polkadot (DOT), Litecoin (LTC), Shiba Inu (SHIB), Avalanche (AVAX), Cardano (ADA), and Polygon (MATIC).

The value of alternative cryptocurrencies like ADA and DOGE fell 0.34% and 0.08%, respectively, from their respective 24-hour highs. The value of ADA and BNB declined slightly from the previous day. Both coins, however, have seen substantial gains over the past week, rising over 21% and 11% respectively.

Featured image from Unsplash.com, charts from TradingView.com

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