Bitcoin’s dominance over altcoins is down by 5% after the latest drop in value to the $18,000 price point as we reported in our latest Bitcoin news.
The bears continued to compete over the market as they pushed BTC to another 18-month low of $17,500 with the altcoins being in a state of despair and ETH standing below $1000 and BNB below $200. last week there was a huge price correction for BTC which dropped from $29,000 to $23,000 and the following few days also brought no joy for the bulls as BTC continued losing value and dropped to $20,000 on multiple occasions.
The bulls defended the level at first, it felt inevitable that it will give in and it indeed did on Saturday morning when Bitcoin crashed below the coveted line of the 2017 ATH. The crash continued in the past day as BTC crashed to a new 18-month low of $17,500 which resulted in over $600 million in liqudations on the daily scale. After a short pump to $19,500, the crypto retraced again and now sits near $1000. its market cap took another hit and it is down to $350 billion. Bitcoin’s dominance over altcoins also reduced in the past week to under 43% and for reference, it was 47.5% a few days ago.
Out of the alternative coins, Ethereum seems to be following the BTC price trajectory in the past few days and the second biggest coin lost more than half of its value in over a week it is down below $1000 and dipped to $900 earlier today. BNB is under a round numbered level as well to $200 after a 3.5% decline. ADA is in the red as well with a 3% drop pushing it to $0.45.
In contrast, the larger cap altcoins showed signs of minor recoveries like Solana, DOT, DOGE, and LTC. With most other lower–cap altcoins in the red, the cumulative market cap dropped to $820 billion which means the metric decreased by $80 billion in a few days.
As recently reported, On Saturday morning, Bitcoin fell below the $20,000 price point and an hour later Ethereum collapsed under $900. The figures were seen as a dreaded key support level for both coins. However, both coins started climbing back and seemed to avoid the immediate precipitous slide that most predicted would happen. Some even hoped that the $18K level and the $987 level would be the lows of the crash but it seems the coins are not done crashing.
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