According to U.Today, the cryptocurrency market is witnessing a slight relief rally following a significant crash on Saturday, triggered by escalating tensions in the Middle East. Ethereum (ETH), the leading altcoin, has bounced back to the $3,000 mark after a drop to $2,878. Dogecoin is now trading at $0.1591, recovering from a fall to $0.1358. This sharp decline in the meme coin's value surprised many, including Bloomberg expert Joe Weisenthal. Shiba Inu, after plummeting to $0.00001904, has rebounded to $0.000022.
Other major cryptocurrencies such as XRP, Cardano (ADA), and Avalanche (AVAX) are also experiencing a slight recovery, although they are still significantly lower than their values 24 hours ago. The Bitcoin price fell by over 8% following Iran's drone and missile attack on Israel. Despite this, industry leaders like Mike Novogratz believe this is a temporary correction and anticipate the market cycle to continue. The future trajectory of the crypto market, however, may depend on potential further escalations in the Middle East.
The total crypto market capitalization is currently under the $2.5 trillion mark, having previously neared $3 trillion. Bitcoin's dominance reached a three-year high on Saturday, surpassing the 57% level for the first time since April 2021. This is a significant increase from September 2022 when Bitcoin accounted for approximately 39% of the cryptocurrency market. After a minor relief rally in altcoins, Bitcoin's dominance has slipped back below 56%. The market share of the top cryptocurrency is growing in anticipation of the upcoming halving event, expected to occur in five days. Prior to the last halving, which occurred on April 11, Bitcoin's dominance was nearly 68%.