Bitcoin Approaches Three-Year Peak Amidst Altcoin Struggles; Aptos Surges While SUI Declines
Bitcoin remains above the critical $60,000 mark as altcoins face challenges, while Aptos shows significant gains.
Bitcoin is currently hovering just above $60,000 while some altcoins are struggling.
- Bitcoin (BTC) managed to hold above the crucial $60,000 mark.
- The U.S. dollar recently increased in value, marking its highest point since mid-August, influenced by strong economic indicators and geopolitical tensions affecting risk assets.
- The CoinDesk 20 Index dropped 1.5%, demonstrating altcoin weaknesses compared to Bitcoin. Ethereum's (ETH) downtrend persisted, along with losses for cryptocurrencies like Ripple's (XRP) and Solana (SOL).
One notable standout is Aptos (APT), which saw a 7% increase in value following news about Franklin Templeton's expansion of tokenized asset funds to their blockchain. Market conditions have suggested that the U.S. dollar strength, alongside Bitcoin Dominance, which increased over 58%, could signify a shift back to Bitcoin amid volatile altcoin markets.
"Bitcoin dominance continues to trend higher, and it is now just 0.2% away from a new three-year high," remarked James Van Straten, a senior analyst at CoinDesk.
- As concerns about geopolitical risks rise, economic data such as Thursday's ISM services report hinted at a bullish potential for riskier assets in the near future.
Further Reading: Bitcoin Not a Safe Haven From Geopolitical Risks, But Still Buy the Dip: Standard Chartered
