Despite yesterday’s price crash, Bitcoin’s dominance increased further, reaching a 28-month high of 66.7%.
Surviving the Crash
CryptoPotato reported that Bitcoin’s price crashed yesterday, causing the whole crypto market to collapse with it. As of yesterday, BTC had lost 23% of its value in five days. But Bitcoin was not among the biggest losers.
Many large- and mid-cap coins have suffered double-digit losses, with ETH losing 17.2% and Bitcoin SV more than 22%. Despite the crash, Bitcoin has managed to climb back from $10,200 to nearly $10,800 in 24 hours, netting a 4.7% increase.
Most altcoins are in the green too, but among the top 10 cryptos by market cap only BCH and BSV have managed to surpass BTC’s gains after marking increases of 7.80% and 7.21%, respectively.
Bitcoin Continues to Wreck Altcoins
While major altcoins have managed to net significant gains against the dollar, Bitcoin greatly outperformed them in the last three months.
Ethereum gained nearly 40%, Litecoin 14%, and BNB, fueled by Binance’s Initial Exchange Offerings (IEOs), 45%. Bitcoin doubled in price, surging by 112% in the same three-month period.
As BTC continues to wreck altcoins, its dominance is surging, reaching a 28-month high. The last time Bitcoin’s Dominance Index was this high was back in April 2017.
Commenting on the matter was popular cryptocurrency trader @MacnBTC. By converting the combined market cap of all altcoins into BTC, the trader drew some interesting conclusions.
Altcoin Marketcap in BTC shows how weak alts have been
– Under 200 Weekly MA
– Sell volume consistent and increasing
– Approaching a support cluster, relief bounce here I wonder how long it will last pic.twitter.com/1xbDrVftyV
— Mac ❄️🐺 (@MacnBTC) July 16, 2019
Unfortunately for some, it doesn’t seem like altcoins are in a position to make a comeback. The fact that they didn’t regain any ground following Bitcoin’s latest crash – to the contrary, they tanked even lower – is also indicative of their current weakness.
With all this in mind, it would be interesting to see whether Bitcoin’s dominance can reach 70% and whether altcoins will be able to recover from Bitcoin’s shadow if that happens.