BTC’s price is trading at a 6-week high as its market dominance continues expanding.
Bitcoin’s price continues to trend upwards, breaking above the coveted psychological and technical resistance level at $90,000. The last time it traded at this level was on March 7th – around six weeks ago.
The cryptocurrency is now up 3.3% in the past 24 hours, bringing its total weekly gains to 7.3%. According to CoinGecko, its dominance over the rest of the market currently stands at 61.6% and has been increasing through the day as well. This signals that BTC is outperforming the altcoin market.
As CryptoPotato reported earlier today, Bitcoin’s dominance is at a 4-year peak, signaling strong investor confidence in the primary cryptocurrency.
Speaking of altcoins, most of them are in the green as well. Ethereum is charting a 1.5% increase, XRP is up by 1%, while SOL and DOGE are performing better, surging by almost 4% each.
This move has caused an uptick in liquidated positions across the derivatives market, which currently stand at around $320 million, according to data from CoinGlass. Naturally, the majority of these are short positions accounting for around $190 million of the total.
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