• Bitcoin dominance is on the rise as other altcoins such as ADA, DOGE, SOL and SHIB slump by 8%.
• BTC’s market dominance has reached its highest level since June 2022 after it tapped a multi-month high of $26,000 earlier this week.
• Altcoins have declined significantly in the past 24 hours due to BTC’s price movements.
Bitcoin Dominance on the Rise
Bitcoin’s market dominance has been increasing since it touched a multi-month high of $26,000 earlier this week. This surge in BTC’s dominance has pushed several large-cap alts such as ADA, DOT, DOGE, SOL and SHIB into a deep red. Its dominance has now reached its highest levels since June 2022.
Most altcoins have dropped significantly in the past 24 hours due to bitcoin’s price movements. After hitting $26,500 (on Bitstamp), bitcoin was unable to continue upwards and slipped all the way down to $24,000 yesterday. This decline in altcoin prices has caused BTC’s market dominance to increase even further.
BTC Retraces and Calms
After reaching an all time high of $26,500 (on Bitstamp), bitcoin has retraced slightly and settled between $24,000 and $25,000 for now. The bears finally reminded of their presence at this point and didn’t allow the asset to continue upwards anymore.
US & European Banking Issues Worsen
The US and later the European banking issues have worsened over time which led to an increase in demand for Bitcoin – causing its price to go up significantly from below $20k to above $22k then up until it reached an all time high of almost 26k$. This run was short lived however as the bears took control yet again pushing BTC back down around 24k$.
Overall we can conclude that although altcoins are slipping lower than ever due to Bitcoin’s market dominance rising higher than ever before – it is still uncertain whether or not this will be sustainable for any length of time given how volatile cryptocurrencies are known for being.