Analyst: Bitcoin Dominance Increases Significantly Ahead of FOMC as Volatility Spike Set to Arrive
Author: Christian Sandor | Edited by: Stephen Alpher Updated: May 6, 2025, 9:12 PM Published: May 6, 2025, 9:04 PM
Bitcoin (BTC) strengthened its hold on the cryptocurrency market on Tuesday, hitting a new four-year high as crypto traders switched to the leading asset ahead of tomorrow’s key Federal Reserve policy meeting.
BTC remained in the $94,000-$95,000 range, showing a slight increase of 0.4% over the past 24 hours and continuing the tight trading range that has persisted since the weekend.
Meanwhile, the CoinDesk 20 Broad Market Index fell 0.7% as Ethereum (ETH) and tokens Sui (SUI), Aptos (APT) and Polygon (POL) dragged the benchmark down.
A look at traditional markets showed stocks suffered double losses, with the S&P 500 and tech-heavy Nasdaq closing down 0.7-0.8%, once again lagging behind BTC.
Despite the lack of significant price action, Bitcoin’s growing share of the overall cryptocurrency market is drawing increasing attention: Bitcoin’s so-called dominance metric has surpassed 65%, its highest level since January 2021, according to TradingView data, signaling a consolidation of capital in an asset seen as the most reliable amid macroeconomic uncertainty.
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