Bitcoin Dominance on the Rise as These Alts Tumbled Daily (Market Watch)

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.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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