Bitcoin Tests $28K as BTC Dominance Highest Since June 2022 (Market Watch)

Bitcoin price is approaching $28,000, which represents an increase of about 1% over the past 24 hours. This comes because most of the altcoins are trading flat over the same period.

It should also be noted that today’s market developments are taking place on the back of news of the acquisition of Silicon Valley Bank and the resumption of operations today.

Bitcoin price tests $28k

BTC is up 1% on the day and is nearing the $28k mark. The cryptocurrency posted an intraday high of around $28,200 (on Binance) but has returned to where it is currently trading at $27,800.

This comes on the back of news that Silicon Valley Bank (SVB) has a new owner in the face of First Citizens Bank & Trust Company – a financial institution based in North Carolina.

According to the FDIC press release, the bank’s offices will open today.

In version:

Today’s deal included the approximately $72 billion purchase of Silicon Valley Bridge Bank, the National League’s assets at a $16.5 billion discount. Approximately $90 billion in securities and other assets will remain in receivership for disposal by the FDIC.

Altcoins Flat, BTC Dominance Raises

One important thing to note, not just over the past 24 hours but over the past two weeks in general, is that Bitcoin’s dominance has been increasing. This is a metric that tracks its share relative to the rest of the market and is an indicator of how BTC is performing compared to altcoins.

Currently, BTC dominance stands at a high level not seen since June 2022, indicating that it has outperformed most altcoins.

As shown in the above heatmap, most altcoins are either charting slightly lower or performing worse than BTC – with certain exceptions, of course.

However, the best cryptocurrency out of the top 100 (by market cap) is NEO (+4.5%), followed by RPL’s Rocket Pool (+4.5%) and Mask Network’s MASK (+4.3%).

On the other end of the spectrum is Loopring’s LRC (-4.6%), followed by DASH (-3.8%). Overall, the past 24 hours haven’t been choppy, which might be somewhat expected given it was a Sunday.