LDO and EIGEN crashed almost 8% in the past 24 hours.
Bitcoin dominance skyrocketed after BTC broke $108K for the first time.
In order for an altcoin rally to come into effect, BTC dominance needs to drop.
Mainstream altcoins like Lido DAO (LDO), EigenLayer (EIGEN), Dogecoin (DOGE), and Chainlink (LINK) dropped sharply in the last 24 hours as Bitcoin dominance surged to 56.5%. Bitcoin (BTC) itself fell 2.5% to $103,900, following a record high of $108,268 earlier this week.
This altcoin price decline reflects the growing dominance of Bitcoin, which often leads to altcoin losses in the short term. Analysts predict this trend may reverse soon, potentially sparking an altseason.
Bitcoin’s Dip Drags Down Altcoins, But Some Remain Buoyant
Bitcoin’s dip dragged down several altcoins, including LDO, which fell 8% to $2.07; EIGEN, plunging 8.37% to $5.05; LINK, dropping 3% to $27.51; and DOGE, nosediving 3.3% to $0.3866, according to CoinMarketCap data. However, Pudgy Penguins (PENGU) and Litecoin (LTC) bucked the trend, with PENGU soaring 505% and LTC rising 5%
Crypto YouTuber Crypto Rover noted on X that altcoins are mirroring a pattern from the previous …
The post Sharp Drop in Mainstream Altcoins LDO and EIGEN: Bitcoin Dominance To Blame? appeared first on Coin Edition.
