Bitcoin’s price took a massive turn to the worse yesterday with a decline that pushed it south by about five grand in hours.
The altcoins’ losses were even more significant, which is evident by the rising BTC dominance. Many meme coins dumped by over 20%.
The business week was actually going relatively well for the primary cryptocurrency. The asset had a strong start on Monday when it pumped to a four-week peak of over $72,500 amid the growing demand for the spot ETFs.
It failed to maintain its run and retraced to $67,500 on Wednesday after the US announced the March inflation data, which was actually higher than expected. Nevertheless, the cryptocurrency recovered some ground in the next few days and even challenged $71,000 on Friday.
However, it didn’t see much success there. Just the opposite, the latest US Fed speeches regarding the central bank’s monetary policy started a violent correction that drove BTC south by about five grand, leaving nearly $1 billion in liquidations.
Bitcoin has managed to regain some traction and now stands above $67,000. Still, its market capitalization has plummeted ty $1.330 trillion on CG. The silver lining is that Bitcoin’s dominance has soared to 51.7% – gaining over 1% in a day.
Also, this crash harmed other financial markets, including gold, and you can read more about it here.
The increasing Bitcoin dominance amid this correction means only one thing – the altcoins have performed even worse. Although many have recovered some ground since the lows from yesterday evening, the 24-hour charts are still quite painful.
The biggest losers from the larger-cap alts include XRP (-11%), SOL (-13%), DOGE (-13%), ADA (-13%), AVAX (-18%), SHIB (-12.5%), BCH (-10.5%), DOT (-13.5%), LINK (-14%), and many more.
The meme coins were also hit hard, with losses of up to 30% in some cases.
The total crypto market cap declined by over $200 billion at one point, and even though it’s slightly up since that low, it is still way below $2.6 trillion.
