Bitcoin Dominance on the Rise as ADA, DOGE, SOL, SHIB Slump by 8%: Market Watch
Several large-cap alts, such as ADA, DOT, DOGE, SOL, and SHIB, are deep in the red today.
After tapping a multi-month high above $26,000 earlier this week, bitcoin has retraced and calmed, currently sitting between $24,000 and $25,000.
Most altcoins have declined hard in the past 24 hours, which has pushed BTC’s market dominance to its highest levels since June 2022.
BTC Dominance Rises
It was less than a week ago when bitcoin had severe troubles in its price performance as it dipped below $20,000 for the first time in two months. But as the US and later the European banking issues worsened, the cryptocurrency went on a roll.
It first shot up to above $22,000 before it kept climbing and tapped $24,000. Hours later, though, the run continued, and BTC skyrocketed to about $26,500 (on Bitstamp), which became its highest price tag in nine months.
The bears finally reminded of their presence at this point and didn’t allow the asset to continue upwards. Just the opposite, they pushed it south, and bitcoin slipped all the way down to $24,000 yesterday.
As of now, the cryptocurrency has reclaimed some value and stands close to $25,000. Its market cap has remained under $500 billion, but its dominance over the altcoins is well above 44%. The last time the dominance maintained such high levels was in June of last year.
Altcoins Turn Red
The altcoins also exploded mid-week to new local peaks, but most have turned red today. Ethereum is down by 2.3% to $1,650. Ripple has retraced by a similar percentage.
More losses come from Cardano, Polygon, Dogecoin, Solana, Polkadot, Shiba Inu, Litecoin, and Avalanche. All of them are down by between 4% and 8% in a day.
Binance Coin is the only evident exception, with a minor daily increase from the top 10 alts and trades close to $320.
Overall, the crypto market cap has declined to $1.070 trillion on CMC, which is $70 billion lower than the peak reached on Tuesday.