Bitcoin dominance on the advance, da Ada, Doge, Sol, Shib collapsed by 8 %: market observation
Bitcoin dominance on the advance, da Ada, Doge, Sol, Shib collapsed by 8 %: market observation
After Bitcoin had reached a height of over $ 26,000 at the beginning of this week, it has decreased and has calmed down and is currently between $ 24,000 and $ 25,000
Most old coins have decreased sharply in the last 24 hours, which has driven BTC's market dominance to the highest level since June 2022.
BTC dominance increases
Less than a week ago Bitcoin had serious problems with its price development when it fell less than $ 20,000 for the first time in two months. But when the US and later European bank problems worsened, the cryptocurrency started.
It initially shot up over $ 22,000 before it continued to climb and reached $ 24,000. Hours later, however, the run continued and BTC shot up to around $ 26,500 (on Bitstamp), which has been the highest price for nine months.
The bears finally reminded of their presence at this point and did not allow the asset to go further up. On the contrary, they pressed it south, and Bitcoin slipped to $ 24,000 yesterday.
Up until now, the cryptocurrency has recovered a certain value and is almost $ 25,000. Its market capitalization has remained less than $ 500 billion, but its dominance compared to the old coins is well over 44 %. The last time that the dominance kept such a high level was in June last year.
Btcusd. Tradingview
old coins are red
The old coins also exploded to new local highs in the middle of the week, but most have become red today. Ethereum fell by 2.3 % to $ 1,650. Ripple has decreased by a similar percentage.
More losses come from Cardano, Polygon, Dogecoin, Solana, Polkadot, Shiba Inu, Litecoin and Avalanche. All of them fell between 4 % and 8 % in one day.
Binance Coin is the only obvious exception, with a slight daily increase from the top 10 alternatives and trades near $ 320.
Overall, the crypto market capitalization at CMC has dropped to $ 1.070 trillion, which is $ 70 billion below the maximum level achieved on Tuesday.
Overview of the cryptocurrency market. Quantify crypto