The entire cryptocurrency market is bleeding now and $ 180 billion has melted in the last 24 hours alone. On the other hand, Bitcoin’s (BTC) dominance continues to increase.
The bears continue to take advantage of the cryptocurrency market while prices are still down. Since the peak of yesterday, the total market capitalization has suffered a loss of $ 180 billion. However, it is worth noting that over the past few days, Bitcoin’s dominance – the index that tracks BTC’s share of the entire market – has been on the rise and is now settling at almost 45%.
Bitcoin Price Drops Below $ 35,000
Yesterday, Bitcoin’s price was on the verge of a recovery. It hit an intraday high at exactly $ 38,200 (on Bitstamp). However, the bears stopped the movement and started pulling the price down. According to CoinGecko data, BTC has lost 6% in the last 24 hours and was trading at around $ 34,600 at the time of writing.
The detail that Bitcoin bulls attach importance to is the increase in market dominance. The total market cap decreased by about $ 180 billion, but BTC’s dominance rose to almost 46%, a sign that the leading cryptocurrency is recovering much better than altcoins.
With altcoins, the situation is worse. Ethereum (ETH) declined 12%, Binance Coin (BNB) 16%, Cardano (ADA) 14%, and XRP 13% based on the last 24 hours. Among the top 100 cryptocurrencies by market cap, the only notable gains were Shiba Inu (SHIB) (8%) and Theta Fuel (3%).