It seems as the Bitcoin market dominance has started as nearly every single altcoin in the market has shredded as much as 1% within the last hour.
Litecoin was one of the biggest losers, in this case, losing as much as 14% of its price from $119 to be situated at $104 at press time.
At the moment it would seem like BTC consolidation and unchallenged market dominance should start but in reality, the whole market is down.
Thanks to BTC‘s prior growth it’s still showing that it’s in the green, but will most likely start shredding as well very soon.
LTC chart by Trading View
All of this could be associated with the sudden uptick in the stock market as Dow quickly recovered on Wednesday. It could have called back some of the stock market bulls away from the crypto market, leaving it wanting for the extra trading volume.
All the signs are showing that it’s best to sell any altcoin and diversify into Bitcoin as much as possible in order to somehow consolidate the market, but it’s a slow process.
Looking at how the situation is right now, it’s likely that LTC will dip below the $100 support level before the end of today should the fall continue.
At the moment, it’s best to keep all funds in BTC and avoid altcoins as much as possible.
Although the bears are taking over right now, it could be the beginning of a potential altcoin season in a few weeks.