Why Bitcoin’s Dominance Soared As Altcoins Bleed Out. Bitcoin is moving sideways on the higher range of $30,000 with bullish indicators in lower timeframes. The bulls expect a break-out on the previous support, now turned resistance, around $40,000. In the past day, the first cryptocurrency by market cap recorded a low at $33,000 and currently trades at $38,3000. But while the outlook is bearish on the Bitcoin market, altcoins have seen corrections of up to 40%. Ethereum (ETH), Polkadot (DOT), and Binance Coin (BNB) recorded the worst performance in the top 10 with a 42.4%, 36%, and 48.1% correction, respectively. Similarly, Cardano (ADA), Dogecoin, and XRP saw similar corrections. The latter has seen a 13.5% correction in the daily chart and has the worst performance in this timeframe. In higher timeframes, the recently added Internet Computer Price (ICP) has the worst performance after a 56% loss in the 7 day-chart. However, at the time of writing, ICP shows good signs of recovery in the 24-hour chart with a 3.4% profit. In consequence, Bitcoin dominance has bounced from below 40% to 46.49%, at the time of writing. This metric could persist and go higher in the coming weeks if BTC’s price action continues to move sideways and recovery about the $40,000 area consolidates.