Highlights
- Bitcoin’s increased market dominance has caused considerable declines for numerous altcoins.
- Ethereum, Binance Coin, and more have seen drops ranging from 1% to 3.5% in the past day.
- Meme coins such as Dogecoin and Shiba Inu experienced declines as high as 5.3%.
- The total market capitalization of cryptocurrencies fell by $70 billion, bringing it to $2.37 trillion.
Altcoins Experience Substantial Drops as Bitcoin Dominates
Recent fluctuations in Bitcoin’s price have placed pressure on the entire crypto market, resulting in significant losses among altcoins. As Bitcoin strengthens its market dominance, cryptocurrencies like Ethereum, Binance Coin, and Ripple report daily losses between 1% and 3.5%. Additionally, coins such as Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) recorded even sharper declines, some plummeting up to 5.3% within a 24-hour period.
Besides more prominent altcoins, several smaller-cap tokens faced steeper drops. Tokens including TIA, APT, MEW, KAS, and AR all noted declines around 10%, while GALA and JASMY decreased by 10% and 9.5% respectively. This widespread sell-off has highlighted Bitcoin’s dominance, emphasizing its role as a stabilizing force in the market while many other coins grapple with increased volatility.
Crypto Market Cap Declines by $70 Billion in One Day
The downturn in altcoin prices has significantly affected the total cryptocurrency market capitalization, which now approximates $2.37 trillion, down about $70 billion as reported by CG. This retreat underscores the sector’s volatility, with Bitcoin’s market share gains often mirroring steep declines among altcoins.
Insights from industry sources like TradingView and QuantifyCrypto reveal how Bitcoin’s performance can greatly influence the wider market.
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