• 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.
Altcoins Slump
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$.
Conclusion
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.