![Bitcoin Dominance on the Rise as These Alts Tumbled Daily (Market Watch) Bitcoin Dominance on the Rise as These Alts Tumbled Daily (Market Watch)](https://i0.wp.com/cryptopotato.com/wp-content/uploads/2023/05/Bitcoin_Red_Mw.jpg?w=896&ssl=1)
[ad_1]
Although bitcoin’s price also dipped in the past 24 hours toward $29,000, its dominance over the alts has actually jumped quite a lot.
This is because most alts are bleeding out now, with XRP, DOGE, SOL, UNI, and others, have slumped by up to 7%.
BTC Dominance Rises
Bitcoin shot up by over $1,500 a week ago and tapped a multi-week high at over $30,000. However, it couldn’t sustain its momentum and slipped by roughly a grand on the following day. Weirdly, it remained stagnant on Thursday after the US CPI numbers came out, unlike previous similar occasions.
The rest of the week was quite identical. BTC failed to move out of a tight range between $29,200 and $29,500, and expectedly, the weekend didn’t bring any increased volatility, either.
Monday started with a minor decline toward $29,100, followed by a price jump to $29,700 on Thursday. However, the bears stepped up on the gas and pushed BTC back down to $29,200 as of now. This came despite the news of the first spot Bitcoin ETF launching in Europe.
Its market cap has slipped below $570 billion, but its dominance over the alts has increased to over 49%, adding almost 0.5% in a day.
Alts Go Red
Ethereum is among the few alts that have declined by a small percentage in the past 24 hours. In fact, ETH is down just as much as BTC and still trades above $1,800. BNB and TRX have declined by 1-2%.
In contrast, Ripple, Dogecoin, Cardano, Solana, Polkadot, Shiba Inu, Polygon, Litecoin, Uniswap, and Avalanche have all lost somewhere between 4% and 8% in a day.
HBAR has dumped the most from the larger-cap alts. The asset has seen 15% of its value gone in a day and is down to $0.06.
As such, the total crypto market cap has marked a $20 billion loss overnight. The metric is down to $1.150 trillion on CMC.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
[ad_2]
Source link