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.