Bitcoin's dominance continues increasing while large-caps like Ethereum, Cardano, Solana, and Avalanche keep bleeding out.
Bitcoin’s dominance continues increasing while large-caps like Ethereum, Cardano, Solana, and Avalanche keep bleeding out.
It’s been a rough day for the cryptocurrency market, in general. The total capitalization declined by about $40 billion, and most of it was because altcoins are bleeding out.Every now and then, especially in bear markets, Bitcoin tends to outperform altcoins. The predominant reason for this is that it’s an established market leader with a lot more investor confidence in it compared to historically volatile and unstable altcoins.
With this said, Bitcoin’s dominance – the metric that tracks its share relative to that of the entire cryptocurrency market – has spiked by 1% in the past 24 hours alone, tapping yet another high not seen since October last year. Meanwhile, Bitcoin’s price is down a little less than one percent in the past day, trading at $29,000 and unable to recover from the recent slumps.As seen in the above chart, BTC’s price is trapped below the 200-days exponential moving average, which is currently acting as a strong resistance.This is all you need not to miss any price action in the raging crypto markets.
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