Bitcoin dominance surges to 60% amid altcoin declines
Bitcoin's (CRYPTO:BTC) market dominance has risen above 60% as altcoins experience significant price declines.
As of February 2, 2025, Bitcoin's price fell approximately 7.3% over the past week.
In contrast, altcoins suffered even greater losses, with Ether (CRYPTO:ETH) dropping about 9.3%, XRP (CRYPTO:XRP) losing 13.8%, and Solana (CRYPTO:SOL) declining by approximately 19.3%.
This downturn in the cryptocurrency market follows the announcement of new tariffs by President Donald Trump, which include a 25% tax on imports from Canada and Mexico and a 10% tax on goods from China.
These tariffs have raised concerns about potential inflation and led investors to shift away from riskier assets toward US government securities.
Ryan Lee, chief analyst at Bitget Research, noted that the $95,000 range is a critical support area for Bitcoin.
"The interplay between labor market trends, Fed policy expectations, and market sentiment will be the main catalysts to monitor in the coming weeks," he stated.
Lee also indicated that macroeconomic factors could influence Bitcoin's price trajectory in February.
Trader Van Nuener warned that further dips may occur following the opening of US futures markets on February 2.
He cautioned that "the futures will probably open down and that may cause crypto to do the same."
Despite the current bearish sentiment, some analysts believe that Bitcoin's long-term outlook remains positive, especially with predictions for prices to reach between $160,000 and $180,000 later in 2025.
At the time of reporting, the Bitcoin (BTC) price was $94,163.87.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Aster announces a $10 million trading competition, combined with Stage 4 airdrop and Rocket Launch incentives, driving multi-layered growth in platform depth and liquidity.
After achieving strong performance in Stage 3, Stage 4 (Harvest) airdrop plan was launched, and the “Double Harvest” trading competition with a total reward of 10 million USD will be introduced on November 17.

Mars Morning News | Federal Reserve officials send strong hawkish signals again, December rate cut in doubt
The crypto market has generally declined, with bitcoin and ethereum prices falling and altcoins experiencing significant drops. Hawkish signals from the Federal Reserve have affected market sentiment, and multiple project tokens are about to be unlocked. Early ethereum investors have made substantial profits, and expectations for a continued gold bull market persist. Summary generated by Mars AI. The accuracy and completeness of this summary, generated by the Mars AI model, are still being iteratively improved.

IOTA collaborates on the ADAPT project: Building the future of digital trade in Africa together
IOTA is collaborating with the World Economic Forum and the Tony Blair Institute for Global Change on the ADAPT project. ADAPT is a pan-African digital trade initiative led by the African Continental Free Trade Area. Through digital public infrastructure, ADAPT connects identity, data, and finance to enable trusted, efficient, and inclusive trade across Africa.

