Optimism (OP) Soars 6% Daily, Bitcoin (BTC) Dominance Declines as Price Stagnates (Market Watch)

Bitcoin’s price movements continue to be highly uneventful as the asset continues to remain just inches above $29,000.

Most altcoins have mimicked BTC’s performance, aside from DOGE, SHIB, UNI, and OP, all of which have jumped by more than 3% daily.

BTC Boring at $29K

It was precisely a week ago when the primary cryptocurrency tried its hand at taking down $30,300 but failed in its tracks, and the subsequent rejection pushed it south hard. In about a day, the asset had lost more than a grand and fell to a monthly low of just under $29,000.

Nevertheless, bitcoin managed to bounce off and reclaim that level. What followed was almost a week of sideways price action, which saw BTC standing between $29,000 and $29,700. The latter came a day after the US Federal Reserve raised the interest rates by 25bps, something that has led to enhanced volatility in the past, but not this time.

The past 48 hours have been particularly boring as BTC has stalled somewhere between $29,300 and $29,400. This means that its market capitalization has remained inches below $570 billion, but its dominance over the altcoins has suffered in the past week. The metric is down by more than 0.5% within that timeframe to 48.1% now.

BTCUSD. Source: TradingView## SHIB on a Roll

Upon news about the launch of the beta version of the project’s Shibarium, the largest native token – SHIB – began to rapidly increase in value, adding 5% yesterday and another 4.5% today. As such, the second-largest meme coin now stands above $0.0000085.

Speaking of meme coins, the OG is also well in the green today, having surged by more than 3%. DOGE is up by 11% weekly following the recent Elon Musk engagements and trades at $0.08.

Uniswap and Litecoin are the other notable gainers from the larger-cap alts, being up by 5.5% and 4%, respectively.

Optimism has jumped the most from the top 100 alts. OP is up by just over 6% now, which has pushed it to $1.6.

The cumulatively market cap of all crypto assets, though, has remained relatively stagnant as well at just over $1.180 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto