Altcoins Steal the Spotlight as Bitcoin Dominance Fades After $87K Rejection: Weekly Crypto Recap

Numerous altcoins have produced far more impressive gains than BTC over the past week, including XRP, SOL, ADA, LINK, DOGE, NEAR, and more.

It was a rather interesting and unexpected week for the cryptocurrency markets, especially since the setbacks suffered just ten days ago.

Recall the market update from last Friday, in which we reported that BTC had somehow crossed the $80,000 barrier despite the failure of the CLARITY Act in the US Senate and the Fed’s subsequent interest rate hike. The cryptocurrency slipped to $75,000 after both of those developments, but rebounded swiftly and reclaimed the key $80,000 level by Friday afternoon. It hasn’t been below that level since.

Although it was initially stopped at $82,000 during the previous weekend after more bad macro news, this time on the two major war fronts, BTC started the current business week with one of its most impressive rallies this year. It defended the $80,000 support and the bulls drove it higher by $7,000 in less than 24 hours. As such, the cryptocurrency topped $87,000 for the first time since late January on the heels of massive ETF inflows.