Bitcoin's price actions over the weekend were marked by a brief surge towards $70,000, but the asset was quickly brought back down to earth, returning to familiar ground. Most altcoins are also experiencing a sluggish day, with BNB, NEAR, FIL, FET, and a few others recording significant price drops. However, Bitcoin's dominance has increased by almost 1% in the past few days, a trend that can be attributed to its strong performance last week in terms of ETF inflows.

Bitcoin had a remarkable week, with ETF inflows continuing their impressive streak and registering 19 days of consecutive positive flows. The last day of outflows was precisely a month ago, on May 10, which resulted in some volatility and gains for the underlying asset. The surge began last Monday, with a jump from $67,500 to over $70,000. After being stopped initially, BTC returned with a stronger push that drove it to $71,600 on Wednesday and $72,000 on Friday. However, the bears took control, initiating a massive leg down that resulted in bitcoin dumping by more than three grand in hours, leaving over $400 million in liquidations across the entire market.

The weekend was less eventful, with BTC recovering some ground and standing around $69,000 and $69,500. It attempted to jump towards $70,000 earlier today but was stopped and is now back within its range. Despite this, its market cap remains under $1.370 trillion, but its dominance over the alts has increased by nearly 1% since Friday to 51.4% on CG.

Binance Coin, one of the biggest gainers last week, popped above $700 to register a new all-time high of just over $715. However, it has been on a downfall since then, with the past 24 hours being particularly unkind. The asset has dropped by 5% within this timeframe to under $650. NEAR, FIL, FET, and CRO are among the other poorest performers in the past day, while most larger-cap alts are experiencing either insignificant gains or minor losses. The total crypto market cap has remained at around $2.660 trillion.

The rise in Bitcoin's dominance can be attributed to its appeal as a less risky asset compared to altcoins. The crypto market cycle and Bitcoin's performance have led to an increase in investor preference for the pioneer coin. The total crypto market capitalization experienced a downturn, dropping to $1.07 trillion, but Bitcoin held its value above $27,000 with a daily high of $27,986 and a low of $27,279. Despite a significant drop in spot trading volume, Bitcoin's market cap remained steady at $539.420 billion.

The shift in the crypto market has led to Ethereum and Binance Coin recording new cycle lows against Bitcoin. Ethereum managed to maintain its USD-denominated value above its previous low of $1,544, but Binance Coin returned to its $208 mark. The increasing investor preference for Bitcoin has further undermined the position of altcoins in the market. As the crypto landscape continues to evolve, it remains to be seen how Bitcoin's dominance will impact the market in the coming days.