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    Home » Market Updates » Crypto Markets Bleed Another $180 Billion: Bitcoin Dominance at 46% (Market Watch)

    Crypto Markets Bleed Another $180 Billion: Bitcoin Dominance at 46% (Market Watch)

    Author: George Georgiev

    Last Updated May 24, 2021 @ 08:20

    The entire cryptocurrency market is bleeding out, losing over $180 billion in the past 24 hours alone. Bitcoin’s dominance, however, continues to increase.

    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.

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    BTC/USD. Source: TradingView

    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.

    altcoinscrash
    Cryptocurrency Market Heatmap. Source: Quantify Crypto

    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.

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    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.
    Tags: Bitcoin Bitcoin (BTC) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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