Americas Crypto Market Update: Bitcoin's Dominance Reaches 64%, Options Indicate Upward Trend

By James Van Straten (All times ET unless specified otherwise) Since May 22, bitcoin (BTC) has been fluctuating within a narrow 5% range of $106,600 to $111,700, despite several positive developments, including Trump Media's announcement to raise $2.5 billion through equity and bond sales for a bitcoin treasury strategy. This temporary slowdown occurs amidst a U.S. equity market surge, with the S&P 500 rising 22% from its April lows. Notably, bitcoin seems to have preceded traditional markets, as crypto markets enter a consolidation phase while the S&P 500 remains 4% below its all-time highs from February. Meanwhile, the gap between bitcoin and the broader cryptocurrency market continues to widen, with bitcoin's market cap dominance now above 64%, highlighting its increasing influence. At current prices near $108,000, bitcoin is trading almost $14,000 above its 200-day moving average of $94,500, underscoring the strength of its recent performance. In contrast, ether (ETH) and solana (SOL) remain sluggish. Ether has been rejected three times at its 200-day moving average ($2,697) and is currently trading at $2,633. Similarly, SOL is priced at $173, below its 200-day moving average of $181, having faced repeated rejections. According to Alex Kuptsikevich, Chief Market Analyst at FxPro, 'Ether and solana have been battling resistance in the form of their 200-day moving averages for over two weeks now. We seem to be dealing with an indecisive market choosing between a further significant rally and fading after a rebound. Bitcoin's rally has the potential to inspire major altcoins to break out, but for now, we are not there yet.' In the derivatives market, bitcoin options expiring at the end of May show the highest concentration of call interest at $110,000, with June and July expiries leaning more bullish, particularly at $115,000 and $120,000 strikes, according to Kaiko. The highest turnover remains around $110,000, indicating expectations of continued consolidation around current levels. On the corporate front, Circle, the issuer of the USDC stablecoin, has updated its IPO filing with the New York Stock Exchange, aiming to raise $600 million at a valuation of $5.4 billion, becoming the latest cryptocurrency firm to push toward public markets amid renewed interest in institutional cryptocurrency adoption.