Bitcoin dominance increases as ADA, DOGE, SOL, SHIB fall 8%: Market Watch

Bitcoin dominance increases as ADA, DOGE, SOL, SHIB fall 8%: Market Watch

After hitting a multi-month high above $26,000 earlier this week, bitcoin has retreated and calmed down, currently hovering between $24,000 and $25,000.

Most altcoins have fallen hard in the last 24 hours, pushing BTC’s market dominance to the highest levels since June 2022.

BTC dominance is rising

It was less than a week ago when bitcoin had serious problems with its price performance as it fell below $20,000 for the first time in two months. But as US and later European banking problems worsened, the cryptocurrency went on a roll.

It first shot up to over $22,000 before continuing to climb and draining $24,000. Hours later, however, the run continued and BTC skyrocketed to around $26,500 (on Bitstamp), becoming the highest price tag in nine months.

The bears finally reminded of their presence at this point and did not allow the asset to continue upward. On the contrary, they pushed it south, and bitcoin crashed all the way down to $24,000 yesterday.

As of now, the cryptocurrency has regained some value and is close to $25,000. Its market cap has remained below $500 billion, but its dominance over altcoins is well over 44%. The last time the dominance held such high levels was in June last year.

BTCUSD. Source: TradingView

Altcoins turn red

The altcoins also exploded mid-week to new local highs, but most have turned red today. Ethereum is down 2.3% to $1,650. Ripple has declined by a similar percentage.

More losses come from Cardano, Polygon, Dogecoin, Solana, Polkadot, Shiba Inu, Litecoin and Avalanche. All are down between 4% and 8% in a day.

Binance Coin is the only obvious exception, with a minor daily rise from the top 10 altar and trading near $320.

Overall, the crypto market cap has fallen to $1.070 trillion on the CMC, which is $70 billion lower than the peak reached on Tuesday.

Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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