Bears continue to take their toll on the cryptocurrency market as the prices are still bleeding out. The total market capitalization lost over $180 billion since yesterday’s peak.
It’s worth pointing out, though, that throughout the past few days, Bitcoin’s dominance – the index that tracks BTC’s share relative to that of the entire market – is increasing and now sits at almost 46%.
Bitcoin Price Slides Below $35K
Yesterday, bitcoin’s price was on the verge of recovery. It reached an intraday high of exactly $38,200 (on Bitstamp).
However, bears intercepted the move and started dragging the price down. Today, it dropped down to a current daily low of around $33,821, and, at the time of this writing, bitcoin is down about 7.4% over the past 24 hours.
Zooming out a little bit paints an even worse picture. Over the past seven days, the cryptocurrency is down almost 25% after having dropped to a low of $30K earlier on Wednesday.
The silver lining for Bitcoin bulls is that its market dominance is increasing. The total market cap is down about $180 billion, but BTC’s dominance increased to almost 46%, which is a sign that the primary cryptocurrency is recovering a lot better compared to altcoins.
Tough Days for Altcoins
Altcoins have it even worse. The entire market is painted in red altogether. Ethereum is currently down about 14.5% on the day, Binance Coin (BNB) – 18%, Cardano (ADA) – around 14.6%, and so forth.
Out of the top 100 cryptocurrencies by market cap, the only notable gainers are XinFin Network (10%), Shiba Inu’s SHIB (10%), Theta, and Theta Fuel, both charting gains in the range of 3%.
Everything else is bleeding out. This comes a couple of days following another round of reiterations on behalf of China, the State Council of which once again reminded us that authorities should crackdown on Bitcoin mining and trading – a narrative that we’ve seen more than once in the past.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Be the first to comment