Bitcoin Dominance Hits 58% Yearly High Amid Altcoin Sell-Off

Bitcoin dominance hits 58% YTD high as altcoins like Ether drop 30% amid market turmoil.

Jump Crypto's massive Ether sell-off triggers 20% price plunge, shaking crypto markets.

Geopolitical tensions & economic data fuel crypto volatility, Bitcoin now 58% of market cap.

Bitcoin dominance, the ratio of Bitcoin’s market capitalization to the entire crypto market, has set a new year-to-date high of 58%. It rose to a high of 58.1% in the early hours of August 5 after a sharp sell-off that saw Ether tumble by 18% within two hours and BTC fall by 10% in the same time frame. This was triggered by a massive selloff in altcoins & global stock markets, which crumbled.  https://twitter.com/_TOBTC/status/1820336240946004335 Bitcoin Drop Impact on Altcoins

As Bitcoin's value rises, price variations affect the rest of the cryptocurrency business. A prolonged drop in Bitcoin's price may increase selling pressure on several cryptocurrencies. 

According to CoinGecko data, the price of Ether has fallen 30% in the last seven days, while prominent altcoins such as Solana have fallen 35%,25%,& 21%, respectively. 

Analysts speculate that the sell-off in altcoins & subsequent gain in Bitcoin's market share may reflect a flight to quality or a move to more cautious investing tactics among crypto investors during periods of economic uncertainty & geopolitical turmoil.Factors behind Bitcoin & altcoin fall

Hostilities between Israel & Hezbollah have been ratcheting up, with increased military posturing in the area by the U.S. putting things, particularly on edge,which now brings a further squeeze on markets that have recorded losses across asset classes.Concurrently, Trading activity has hugely driven the latest market dynamics. More specifically, Jump Crypto, the cryptocurrency trading division of Jump Trading, caused Ether to lose 20% of its value. On Sunday, Jump Crypto sold off large amounts of its holdings in Ether,moving millions worth of the asset to hot wallets on various exchanges,such as Coinbase, Binance,OKX,&Bybit.