Comparing the price performance of bitcoin and altcoins , altcoins seem to be suffering the most in these difficult days .
This is what Santiment points out , which underlines the difference between the 4.5% loss of bitcoin, and for example that of Dogecoin ‘s 26% .
Those who have stayed strong in #Bitcoin on the #crypto downswing have been relatively rewarded compared to high-risk #altcoin traders. $BTC has fallen just -4.5% the past 3 days through the volatility, while $DOGE (-26.1%) & other #alts have dropped hard. https://t.co/9yMgAek8eN pic.twitter.com/VGqEFreoSl
— Santiment (@santimentfeed) June 23, 2021
Taking the top ten cryptocurrencies by market capitalization as a benchmark, obviously excluding stablecoins, the price of BTC is currently 15% below what it was a week ago, but the other major cryptocurrencies are down by a higher percentage.
For example ETH is 21% below, roughly the same as BNB . ADA stops at -18%, while XRP is down by 27%.
Even DOGE and DOT are down by 32%.
This difference is confirmed by the dominance of bitcoin, which is the percentage of the total market capitalization of cryptocurrencies held by BTC.
On May 19, or the day of the flash crash, the dominance of bitcoin reached its lowest point in 2021, at 37.76% according to CoinGecko.
In the following days it was back above 40%, but with the collapses of late May and early June it was back below.
However, starting from 10 June it began to rise, not so much due to a particularly positive performance of the BTC price, but due to a further decline in altcoin prices.
On 12 June it was already back above 43%, while yesterday it exceeded 46%.
The current level of bitcoin dominance is similar to that of early May, although the price is far lower.
The flash crash of bitcoin and the effect on altcoins
In other words, after the flash crash of 19 May driven by the price of bitcoin, a generalized drop led by altcoins was triggered , given that the minimum peak touched by BTC that day was no longer reached in the following days, except yesterday for a very short period.
Therefore, starting from May 19, a period of lateralization of the bitcoin price between $ 30,000 and $ 40,000 began, with rare exceptions, while in the same period the price of many altcoins instead fell further.