The entire cryptocurrency market is bleeding, and losses have exceeded $ 180 billion in the last 24 hours alone. However, the dominance of Bitcoin (BTC) continues to increase. The bears continue to charge their fees in the cryptocurrency market while prices are still bleeding. Losses in total market value since yesterday’s peak exceeded $ 180 billion. However, it is worth noting that over the past few days, Bitcoin’s dominance – the index that follows BTC’s share in the market – has been increasing and is now sitting at almost 46.1%.
Bitcoin price plunged below $ 35,000! The market is crying blood
Yesterday, Bitcoin price was on the verge of recovery. To be exact, BTC hit an intraday high at $ 38,200 (on Bitstamp). However, the bears stopped the movement and started pulling the price down. Today, BTC has dropped to a daily low of about $ 33,821, and at the time of this writing, Bitcoin has dropped about 7% in the past 24 hours. Looking at it from a distance makes the picture worse. Over the past seven days, the cryptocurrency has lost almost 25% after falling to $ 30,000 early Wednesday.
However, in this negative environment, the silver lining of the Bitcoin bulls is their increase in market dominance. The total market cap fell by about $ 180 billion, but BTC’s dominance rose to almost 46%. This is a sign that the leading cryptocurrency is recovering much better than altcoins. At the time of writing, many altcoin projects on the market are bleeding and trading with serious losses.
Hard times for altcoins! Leading altcoin ETH slipped below $ 2,000
Altcoins have a bad look today, and some have plunged below critical levels. The whole market is completely colored red. Ethereum is currently trading at the $ 2,000 mark, with a loss of about 14% per day. However, the leading altcoin recently slid from $ 2,370 levels below $ 2,000 and then recovered. Binance Coin (BNB) is traded with losses of 18%, Cardano (ADA) with losses of about 14.6%. Ripple (XRP) is among the cryptocurrencies that have serious losses. XRP dropped from $ 0.95 to $ 0.77. At the time of writing, XRP is traded with a 15 percent loss.
Of the top 100 cryptocurrencies by market capitalization, the only notable gains are: XinFin Network (10%), Shiba Inu (SHIB) (12%), Theta and Theta Fuel, both up 3%. Other cryptocurrencies in the market are currently bleeding. This market crash followed the news of Chinese ban. The State Council has reminded once again that the authorities must put pressure on Bitcoin mining and trading.