The price of Bitcoin again has failed to paint a new all-time high during today’s trading as only the number one cryptocurrency dominance over other altcoins has returned above 61% once again.
BTC price came close to painting a new all-time high today as subsequent rejections and corrections let drove the asset further backward a bit. At press time, BTC trades at $57,082.
Minor retracements among altcoins have enabled BTC to recover some of its recently lost market dominance.
Bitcoin inches away from new all-time high
BTC in the last seven days has traded in the bullish cycle since it recovered from its last dip at $47,000. However, interest from institutional investors is said to have played a mammoth role in its recent surge.
Institutional investors helped BTC reconquer $50,000 as bulls continued their charge to a new two-week high above $57,000. Yesterday, Bitcoin’s daily high was around $57,400 and at the time of writing this report, it trades at $57,082.
BTC is less than $1,300 shy away from its all-time high price at $58,400 it experienced in February. Although the number one crypto failed to paint a new all-time high price today, it continues to gather support and momentum to hit a new ATH and break above the $60,000 possible resistance level.
It is worthy to note that Bitcoin market capitalization has remained well above the coveted $1 trillion mark since it plunged below the level during the dip.
How Altcoins helped BTC increase its dominance
Like Bitcoin, other altcoins have continued to surge as ETH has added more than $400 in just days and has passed $1,800. ETH has declined slightly since yesterday and has dipped beneath that particular level but returned again. it trades at $1,801 at press time.
Cardano (-5%), Polkadot (-5%), Ripple (-5.2%), Chainlink (-5.8%), and Uniswap (-5%) have lost some steam in the past 24 hours.
Binance Coin and Litecoin have remained relatively still and continue to trade around $288 and near $195, respectively.
Lower and mid-cap altcoins have been more volatile. In the last 24-hours, Theta Fuel (50%) leads the surging pack, followed by Hedera Hashgraph (25%), THETA (19%), Basic Attention Token (15%), Zilliqa (12%), and Bitcoin Gold (11%) have all continued to surge.
In contrast, Polygon has lost the most value since yesterday with a 10% drop. Avalanche (-9%), Decentraland (-9%), Fantom (-6.5%), and PancakeSwap (-6%) are next.
The stalling large-cap altcoin has played a pole position in helping Bitcoin regain its market dominance.