Bitcoin (BTC) dominance hits 3-year high as BTC price dip pressures altcoins 🥶😱
The price of Bitcoin (BTC) had a significant decline over the weekend, triggered by a series of liquidations, causing BTC to drop below $65,300.
Altcoins had more unfavorable conditions, as a significant number of the top twenty cryptocurrencies witnessed a decline of over 15%.
As a result, altcoins lost their part of the cryptocurrency market to Bitcoin, making the recent highs the most dominated by Bitcoin since April 2021.
Bagsy, a renowned trader and social media commenter, acknowledged the chart's remarkable nature, given the constant influx of new altcoins entering the market daily.
Daan Crypto Trades saw a significant disparity in drawdown between Bitcoin and altcoins in recent days. It was noted that the altcoin sector suffered the most severe losses, resulting in the elimination of billions in open interest and creating price fluctuations of up to 50%.
Altcoins have not experienced such conditions for a significant duration in 2024. Mikybull Crypto forecasted an imminent shift, with the market capitalization of altcoins mirroring the pattern of the previous season for alternative cryptocurrencies.
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