The attached overview from Coin360 shows the performance of the crypto market over the past seven days. The total crypto market cap recovered slightly over the past week to a total of $1,832 billion. Thereby, Bitcoin’s market dominance consolidated around 42%.
The market dominance of Ethereum (ETH) remained stable at 18.5%. The market cap of the number 2 coin picked up slightly to $338.5 billion.
Bitcoin recovers from $40,000 support zone
Bitcoin seems to have finally found its way up after consolidating around $40,000 for weeks. Already, BTC’s relative strength was marked by rising market dominance, which indicated that Bitcoin was outperforming the other over 18,000 other altcoins.
What is needed is for Bitcoin to break through the $45,000 resistance level on the upside. In February and March, this resistance level proved to be too high and too much of a burden, after which the price fell back.
On a positive note, BTC’s decline earlier this year found support at a level of $33,000, forming a higher bottom compared to that of the summer months of last year.
At the time, it significantly tested the $30,000 support zone and then began its advance toward a preliminary All Time High of $69,000. Once Bitcoin is able to shake off the shyness of the Ukrainian crisis and also break through the $45,000 upside, it can set sail for $50,000 and higher.