Bitcoin Dominance Nears 3-Year High Amid Altcoin Weakness; Aptos Outperforms as SUI Drops
Bitcoin (BTC) fluctuated around $60,700, recovering from a dip below $60,000, while the CoinDesk 20 Index fell 1.5%. Ethereum (ETH) and major altcoins like Ripple (XRP), Solana (SOL), and Avalanche (AVAX) experienced losses. Aptos (APT) gained 7% following news of Franklin Templeton's expansion into its blockchain. Bitcoin's market dominance rose above 58%, nearing a three-year high. Concerns over military escalation in the Middle East and a strong U.S. dollar impacted the crypto market, with crude oil prices reaching $74 per barrel. Strong ISM non-manufacturing data bolstered the dollar, affecting risk assets. A spike in the Secured Overnight Financing Rate indicated potential liquidity stress, reminiscent of the 2019 repo crisis. Upcoming U.S. jobs data may influence market sentiment, with expectations of rate cuts potentially benefiting risk assets.
