TL;DR breakdown
- Bitcoin dominance increases.
- Bad couple of days for altcoins
Bitcoin continues with its supremacy when the entire crypto-sphere has faced a drop of about $180b in a day.
Bears continue to take their toll as the total market cap of the entire crypto market drops significantly. Despite the significant drop in BTC value, it has continued to dominate the cryptocurrency sphere. Recently the price index of the giant digital currency has increased to around 46%.
Bitcoin (BTC) is recovering after dropping to around $31K on Sunday. Today it is at $35K, which is an increase of about 6 percent over the last 24hours. The instability of the crypto market started with Tesla’s CEO Elon Musk when he dismissed BTC payments.
BTC price drop to $35,000
Yesterday the price of bitcoin was slightly over $37K in the morning hours; however, at around 4 pm UCT, the price of the world’s most significant digital currency showed a sharp drop to slightly above $31K. However, in the late hours of the day, it rose to $33K. Today the price of the digital asset was 35K at 08:25. Which is a drop from more than $2K for the last 24 hours.
However, Bitcoin’s (BTC) dominance which is around 46%, gives the digital assets hope of recovering from the drop that it has recorded for the last ten days. The total crypto market cap is $1.49 trillion, a drop of more than $180 billion.
Bitcoin’s (BTC) dominance signifies that the giant digital currency is recovering faster than other assets.
Small Digital assets face tough days.
It is definitely a shock to many investors as almost all altcoins are in the red. Yesterday the second largest digital asset posted a drop of about 14.5%. Simultaneously, SOL records the highest drop of 34.03%.
In the top hundred digital assets, only XinFin and Shiba Inu recorded more than a 10% increase. Other assets like Theta Fuell and Theta increased by only 3%.
The drop comes some days after China reminded authorities of the crackdown of all-time high digital currency. The reminder has terrified many of the crypto investors. They are having talks on taking a step to go after individual crypto miners. The nation says that crypto is killing its efforts in the fight against the greenhouse effect.
