BTC Approaches $64k as its Dominance Level Hits Highest Level Since April 2021

TL;DR

• Bitcoin is closing in on the $64k level after adding more than 1% to its value.

• The Bitcoin dominance level stands at 54.2%, its highest since April 2021.

Bitcoin Approaches $64k as Market Looks to Bounce Back

Bitcoin is looking to bounce back from its recent losses and is up by more than 1% in the last 24 hours. The world’s leading cryptocurrency by market cap is approaching the $64k mark and could rally higher in the short term.

At press time, Bitcoin’s price stands at $63,923. The performance comes as altcoins continue to shed more value in recent weeks. This has allowed Bitcoin to capture more market value.

Bitcoin’s dominance, or the share of Bitcoin’s market cap relative to the total market cap across cryptocurrencies, jumped to 54.2% on Wednesday, the highest since April 2021. Meanwhile, Ether controls 16% of the market share, down from the $18% it recorded earlier this year.

Ether has been underperforming in recent weeks and could drop below the $3k mark if the market correction is sustained. Currently, ETH is trading at $3,094, up by less than 1% in the last 24 hours.

Solana (SOL) and Toncoin (TON) are the best performers amongst the top 10 cryptocurrencies by market cap, adding 3.5% to their values each. Thanks to the improved performances, the total crypto market cap climbed to $2.32 trillion, up by 1.3% in the last 24 hours.