Altcoins Bleed Out While Bitcoin’s Dominance Reaches 7-Month High

Altcoins bleed out while Bitcoin’s dominance reached a 7-month high while still being the highest point since October as we can see more today in our latest altcoin news today.

Bitcoin had another failed attempt at $30,000 as the asset dropped to $29,000 and the altcoins are in a much worse shape with substantial losses evident on all charts. Ethereum struggles below $1900 while ADA dropped below $0.5. it became quite inevitable in the past ten days to see a scenario of Bitcoin attempting and challenging above $30,000 before the bears push it south over and over. Since the start of the week, there were three separate occasions, the first one during the weekend when the rejection drove BTC below $29,000, and then the same thing happened on May 23 and May 24.

Bitcoin jumped by $2000 yesterday when it hit $30,000 once again but this was quite short-lived since BTC failed and dropped below the coveted line. As of now, the cryptocurrency struggles to remain above $29,000 and its market cap dropped to $560 billion while the dominance over the altcoins increased above 45% which is the highest the metric has gone since last October. Alternative coins are suffering more than Bitcoin. Altcoins bleed out while Ethereum leads the trend with a  6% daily drop. As a result, the second digital asset dropped below $1900 while ETH stood close to $2100 a few days ago.

Binance Coin is down by 5% in the past day to $310. Cardano, DOT, XRP, SHIB, LTC, and DOGE declined by similar percentages. Solana and Avalanche saw bigger daily decreases. SOL dropped by 9.5% to $44 and AVAX slumped to $24 with a 14% drop. Other lower and mid-cap altcoins are in similar condition so it’s no wonder that the market cap dropped $1.250 trillion with a $60 billion daily decrease.

As recently reported, The altcoins are bleeding out as most of the market took a leg down in the past day and this caused bitcoin’s dominance to surge to new highs that were not seen since last year. Ethereum’s price relative to Bitcoin dropped to the lowest point since last year and at the time of writing, ETH traded at 0.0629 BTC which lastly was recorded in October 2021. in the meantime, today’s pullback saw the ETH dollar value drop by 7% and left some $86 million in liquidated positions.