Bitcoin charted an increase of around 1% over the past 24 hours as it inched closer to $28,000. This is coming in a period where most of the altcoins are trading flat.

It’s also worth noting that the market developments of today happen on the back of news that Silicon Valley Bank is been acquired by a new owner and will be resuming operations today. The new owner is a financial institution based in North Carolina – First Citizens Bank & Trust Company.

The Bank’s offices will be opened today according to the press release by the FDIC:

”Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion. Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC”.

However, it is important to note one thing, for the past couple of weeks not only in the past 24 hours Bitcoin’s dominance has been on an increase. Bitcoin’s dominance is an indicator of how BTC performs compared to altcoins and also a metric that is used to track its share relative to that of the rest of the market and

At the moment, it stands at a high not seen since June 2022, which indicates that it is outperforming other alternative cryptocurrencies.

Image Source: Quantify Crypto

According to the heatmap above, a good number of the altcoins are either performing worse than BTC or charting slight declines – with certain exceptions, of course.

From the top 100(by market cap), the best-performing cryptocurrency is NEO (+4.5%), with Rocket Pool’s RPL (+4.5%) following just behind it and Mask Network’s MASK (+4.3%).

On the negative divide of the spectrum, there’s Loopring’s LRC (-4.6%), followed by DASH (-3.8%). Generally, we have not seen much volatility in the past 24 hours, which is somewhat expected given that it was a Sunday.

Featured Image Source: BeIn Crypto