Thursday, May 26

Bitcoin Market Dominance Rises As $ 180 Billion Is Deleted From The Markets


The entire cryptocurrency market is bleeding now and $ 180 billion has melted in the last 24 hours alone. On the other hand, Bitcoin’s (BTC) dominance continues to increase.

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The bears continue to take advantage of the cryptocurrency market while prices are still down. Since the peak of yesterday, the total market capitalization has suffered a loss of $ 180 billion. However, it is worth noting that over the past few days, Bitcoin’s dominance – the index that tracks BTC’s share of the entire market – has been on the rise and is now settling at almost 45%.

Bitcoin Price Drops Below $ 35,000

Yesterday, Bitcoin’s price was on the verge of a recovery. It hit an intraday high at exactly $ 38,200 (on Bitstamp). However, the bears stopped the movement and started pulling the price down. According to CoinGecko data, BTC has lost 6% in the last 24 hours and was trading at around $ 34,600 at the time of writing.

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The detail that Bitcoin bulls attach importance to is the increase in market dominance. The total market cap decreased by about $ 180 billion, but BTC’s dominance rose to almost 46%, a sign that the leading cryptocurrency is recovering much better than altcoins.

With altcoins, the situation is worse. Ethereum (ETH) declined 12%, Binance Coin (BNB) 16%, Cardano (ADA) 14%, and XRP 13% based on the last 24 hours. Among the top 100 cryptocurrencies by market cap, the only notable gains were Shiba Inu (SHIB) (8%) and Theta Fuel (3%).