Bitcoin Dominance Skyrockets as Altcoins Bleed Out (Market Watch)

Bitcoin’s price slump that started on Sunday morning only worsened on Monday as the asset plunged to a three-week low of around $91,000 on most exchanges.

The altcoins were obliterated within the past 36 hours or so, with massive double-digit price dumps coming from many of them.

BTC Dominance on the Rise

It was just three days ago when the primary cryptocurrency stood above $106,000 despite the US Fed’s decision to keep the interest rates unchanged. It cooled off on Saturday and slipped to $102,000, but that was just the start of a more severe correction.

Sunday morning turned red after US President Donald Trump imposed taxes on Canada, Mexico, and China, and the subsequent retaliation didn’t take long. BTC slumped from $102,000 to $97,000 but maintained within those levels for most of the day.

However, the bears took complete control of the market on Monday morning, and they pushed BTC south hard. Within a few hours, the cryptocurrency plunged by six more grand and dumped to under $92,000, thus losing $10,000 since Sunday morning.

It bounced off after that low and now sits above $95,000. Still, its market cap has plunged to under $1.9 trillion. However, its dominance over the alts has gone up to almost 59% on CoinGecko, which is a nearly 3% increase in a day.

Altcoins Bleet Out

As BTC’s rising dominance suggests, the altcoins were battered a lot harder. Ethereum went from over $3,000 to under $2,300 before settling at close to $2,600 as of now. Solana and Tron are among the few altcoins with a single-digit price drop on a 24-hour scale now.

At the same time, BNB, XRP, DOGE, ADA, LINK, AVAX, XLM, TON, SUI, HBAR, and SHIB have plummeted by double-digits, with losses of up to 23% in the case of ADA.

The total crypto market cap lost over $400 billion from top to bottom at one point and now sits just inches above $3.2 trillion on CG.