Bitcoin started last week with a pretty sideways course and traded sluggishly around $26,000. All eyes were on the US due to CPI figures and the FED's next FOMC meeting, both scheduled for release within the week.
Bitcoin Domination Rises to 2-Year High as BTC Holds $26K
Despite being relatively dormant for the past few days, Bitcoin's dominance has risen above 49% on CMC for the first time in more than two years.
This has resulted in many of the larger volume altcoins suffering small daily losses, including ATOM, APT, ADA, and more.
Inflation rates announced on Wednesday showed a small decrease. However, this did not affect BTC's price movements much, except for a brief surge of $200.
The Fed, expectedly, decided to pause its monetary policy on raising interest rates on Thursday.
More surprising was the effect this had on Bitcoin, as BTC shed more than $1,000 in the following hours, falling below the last three-month low of $24,800.
However, when news broke that BlackRock had applied for a BTC Spot ETF, it was able to make a splash quite quickly.
This caused a price increase of $ 1,000 in the first place. BTC calmed down later and stayed around $26,500 for several days.
Bitcoin's market cap is just over $510 billion, but its dominance over altcoins is 49.74% on CMC, the highest in over two years.
*Not investment advice.