This week, Bitcoin's price remained below the $104K–$105K resistance zone. Traders are monitoring for a potential pullback to $90K, while analysts note signs of consolidation.
Bitcoin Dominance Dips and Altcoin Growth
Bitcoin's market dominance fell from 65% to 62% over the week, indicating a potential shift towards altcoins. Alphractal CEO Joao Wedson predicts a full altcoin season in June. The total crypto market cap rose from $2.9 trillion to $3.24 trillion, suggesting capital rotation into altcoins.
SEC Hacker Sentenced
Eric Council Jr. has been sentenced to 14 months in prison for his role in a SIM swap attack that hijacked the SEC’s official account on X. The hack led to a false announcement about Bitcoin ETF approval, briefly shaking the markets.
Stablecoin Regulation and Its Impact on the Market
Ash Pampati, head of ecosystem at Aptos Foundation, believes that stablecoin regulation could be a significant catalyst for the crypto industry. He emphasizes that the global momentum is accelerating, which could reshape financial technology.
The week was filled with significant events in the crypto market, including shifts in Bitcoin dominance, legal proceedings, and predictions regarding stablecoin regulation. Interest in altcoins and price forecasts continue to shape the market.
