The total crypto market cap is holding steady despite plunging towards risking a breach of the $3.08 Trillion support earlier today. Currently, the total crypto market cap stands at 3.1 Trillion remaining slightly unchanged over the last 24 hours.
Bitcoin (BTC), the top crypto by market cap, has remained steady establishing support around the $95,600 mark. However, most altcoins have plunged on the day with ETH, XRP and SOL dipping over 2%,3% and 8%, respectively. Bitcoin’s dominance (BTC.D) has thus risen indicating a delay of the much awaited altseason.
BTC Dominance Spikes Above 61% On The Day
Bitcoin is dominating the crypto market once again after several altcoins showed signs of outperforming it yesterday. However, BTC has ‘turned the table’ over altcoins as it reclaims its dominance.
According to a post by Seth, a top crypto analyst, “Bitcoin dominance [has] bounced today.” As per his analysis, BTC’s dominance has reclaimed the 61.17% mark. The current surge can be attributed to BTC’s rather steady performance today.
Additionally, altcoins have struggled to put up a show against BTC. As per Seth’s comment, “Bitcoin is sneezing and Altcoins are bleeding.” What this means is that most investors are favoring BTC over altcoins.
How Is BTC Performing Against Altcoins?
As of the time of this writing, Bitcoin was trading at $96,234.59 continuing its recent consolidation. The price of BTC has also failed to reclaim the $100K psychological mark since dropping below the level on Feb.4, 2025. On the day, BTC has recorded a slight 0.14% dip with strong support slightly above $95,000.
The data on Coinmarketcap also shows that BTC has heightened trading activity. Currently, BTC has a trading volume of $28.94 Billion which marks a 33.81% increase over the last 24 hours.
BTC is performing quite fairly compared to other altcoins. Looking at coin ranking by Coinmarketcap, altcoins in the top 6 ranking based on market cap have dipped. Ethereum, for instance, has recorded a 2.75% decline and is trading at $2,697.18. Ripple (XRP) has dipped to $2.60 marking a 3.13% decrease.
On the other hand, Binance Coin (BNB) has dropped by 2.29% to 658.27 while Solana has made a significant drop. SOL is down by 8.97% following the recent uncertainty in the ecosystem and is currently trading at $168.88.
Analyst Predicts Bitcoin is Heading to The ‘Optimism Phase’
Based on the recent price performance of BTC, crypto analyst Trader Tardigrade has predicted that BTC will enter “Optimism Phase” in the near future. According to Tardigrade, this will happen if BTC breaks out of the current consolidation phase. The analyst wrote, “when $BTC breaks out of the recent consolidation top at $110k, it will enter the Optimism phase.”
The Optimism phase is usually characterized by growing investor confidence which results in significant price movements. This phase follows a period of uncertainty in the market. If Bitcoin pushes past $110K into this phase, it could soar into Belief, Thrill, and then Euphoria moving forward.
According to the chart by Tardigrade, this would leave the price of BTC around the $280,000 mark. For BTC to rebound above $100K towards the predicted $280K mark, favorable conditions must prevail in the market which is currently under turmoil.
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