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Aside from Helium and AAVE, no other altcoins are showing significant gains today, even though the market is performing fairly well this weekend.
In today’s video, the Crypto ZX Channel provided an update on Kaspa (KAS) and the broader cryptocurrency market. The host discussed recent market trends, Bitcoin dominance, and Kaspa’s price action, giving viewers a detailed overview of the current market landscape.
As of Sunday morning, the crypto market is experiencing some positive movement, with many coins up by 2-3%. Interestingly, Kaspa’s price appears to be lagging, down by 1.2%. Despite this minor decline, Kaspa’s market valuation remains strong, holding above the $4 billion mark. The 24-hour trading volume is around $42 million, indicating that even with the recent pullback, the overall market conditions for Kaspa remain stable.
The host particularly focused on Bitcoin’s performance, noting that its dominance index is on the rise and could soon reach a yearly high. This trend is expected to continue, potentially impacting the entire market, including Kaspa. When Bitcoin dominance increases, it usually signals that more capital is flowing into Bitcoin rather than altcoins like Kaspa.
Read also: How Many Kaspa (KAS) Tokens Do You Need to Become a Millionaire?
This shift can result in reduced liquidity and lower price movements for Kaspa and other altcoins as traders focus more on Bitcoin. Conversely, when Bitcoin dominance decreases, it suggests that traders and investors are reallocating funds from Bitcoin to altcoins, often leading to an “altcoin season” where coins like Kaspa may experience significant price increases.
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Source: captainaltcoin.com