Bitcoin Dominance at 7-Month High as Altcoins Bleed Out (Market Watch)

By | May 26, 2022

Another day, another failure at the $30,000 line for bitcoin as the asset even dropped to $29,000. However, the altcoins are in an even worse shape, with substantial price losses evident across almost all charts. Ethereum struggles below $1,900, while ADA dumped beneath $0.5.

Bitcoin Stopped at $30K (Again)

It has almost become an inevitable turn of events in the past ten days or so – a scenario that sees bitcoin attempting, nearing, challenging, and even briefly breaking above $30,000 before the bears step up and push it south.

Since the start of this week, there have been three separate occasions. The first one was during the weekend when the rejection drove BTC below $29,000. The same thing happened once again on May 23 and 24.

Bitcoin jumped by nearly $2,000 yesterday when it tapped $30,000 once again. However, this was short-lived as well. BTC failed there and dropped beneath that coveted line. As of now, the cryptocurrency struggles to remain above $29,000.

Its market capitalization has declined to $560 billion, while the dominance over the altcoins has increased above 45%. This is the highest the metric has gone to since last October.

BTCUSD. Source: TradingView

Altcoins Covered in Red

As mentioned above, the alternative coins are suffering even more than bitcoin now. Ethereum leads this adverse trend with a 6% daily decline. As a result, the second-largest digital asset has dropped below $1,900. Just for reference, ETH stood close to $2,100 a few days ago.

Binance Coin is down by more than 5% in the past 24 hours to $310. Ripple, Cardano, Polkadot, Dogecoin, Shiba Inu, and Litecoin have declined by similar percentages.

Solana and Avalanche, though, have seen even more substantial daily decreases. SOL (-9.5%) is down to $44, while AVAX has slumped to $24 after a 14% drop.

With the lower- and mid-cap altcoins in a similar condition, it’s no wonder that the total crypto market cap has dropped below $1.250 trillion after a $60 billion daily decrease.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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