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BTC dominance has been on a steady climb in the last few weeks.
Bitcoin (BTC) price has surpassed the $28,000 level, marking an increase of 5.70% over the past 24 hours. Interestingly, this comes as most other altcoins appear to be trading flat in the same period.
For what it’s worth, the surge in price may be directly linked to new reports that Silicon Valley Bank (SVB) will resume operations today. That is after news that the recently-troubled bank has been acquired by North Carolina-based financial institution First Citizens Bank & Trust Company.
According to FDIC, SVB was acquired for around $72 billion, and the National Association’s assets at a discount of $16.5 billion. The statement further reads:
“Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC.”
BTC Dominance Climbs, Other Tokens Rally, as Altcoins Remain Flat
Meanwhile, it might be worth mentioning that BTC dominance has been on a steady climb in the last few weeks. The metric, which tracks Bitcoin’s performance in comparison to that of the rest of the market, currently stands at levels not seen since June 2022. In more detail, Bitcoin dominance is calculated based on the percentage of BTC’s current market capitalization to the global crypto market cap. For example, as of publication, Bitcoin’s market cap is $547 billion, while the global crypto market cap is $1.24 trillion.
Although many other crypto tokens are also rallying, most of the altcoins are either charting slight declines or are performing worse than BTC, of course, with a few exceptions such as Cardano’s ADA and Polygon’s MATIC.
To put the above statement into perspective, Ether (ETH) is up 5.13% as Ethereum developers confirmed April 14 for its Shapella upgrade. Cardano’s ADA jumped 11.74%, while bnb tokens (BNB) regained 3.12%, making up for some of its recent losses. CoinMarketCap data also suggests that Polygon’s MATIC has gained 9.03% on the introduction of its zero-knowledge Ethereum Virtual Machine.