Key Points
- Bitcoin’s growing dominance has led to significant losses for various altcoins.
- Ethereum, Binance Coin, and others dropped by 1-3.5% in the last 24 hours.
- Meme coins like Dogecoin and Shiba Inu saw declines up to 5.3%.
- The total cryptocurrency market cap dropped by $70 billion to $2.37 trillion.
Altcoins See Sharp Declines Amid Rising Bitcoin Dominance
Bitcoin’s recent price movement has exerted pressure across the cryptocurrency market, resulting in widespread losses among altcoins. As Bitcoin maintains a stronghold in market dominance, cryptocurrencies like Ethereum, Binance Coin, and Ripple have reported daily losses ranging between 1% and 3.5%. Meanwhile, other coins such as Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) have seen even steeper declines, some falling up to 5.3% in just 24 hours.
In addition to more well-known altcoins, several smaller-cap tokens experienced harsher drops. Tokens like TIA, APT, MEW, KAS, and AR all recorded declines of approximately 10%, while GALA and JASMY fell by 10% and 9.5% respectively. This broader sell-off has been reflected in Bitcoin’s dominance, underscoring its role as a stabilizing force within the market while other coins suffer from the heightened volatility.
Crypto Market Cap Loses $70 Billion in a Day
The recent downturn in altcoin prices has led to a notable decrease in the total cryptocurrency market cap, which now stands at around $2.37 trillion, down by roughly $70 billion according to data from CG. This pullback highlights the sector’s volatility, with gains in Bitcoin’s market share often coinciding with sharp declines across the altcoin space.
Industry sources such as TradingView and QuantifyCrypto provide insight into these trends, showing how Bitcoin’s performance can significantly impact the broader market.
