Bitcoin Dominance Crashes as BTC Price Dumps Below $70K: Market Watch

Bitcoin’s price troubles intensified in the past several hours as the asset dumped to its lowest levels in almost two months, under $70,000.

Interestingly, there are some major altcoins posting gains or smaller losses than BTC, which has harmed its dominance over the market.

Bitcoin Dominance Craters

It was just a couple of weeks ago when the primary cryptocurrency was riding high above $80,000 and even challenged $82,000 and $83,000. However, the subsequent rejection and correction have been quite painful. It quickly lost the $80,000 support and dived to $75,000 on May 23/24.

After a quick but unsuccessful rebound attempt that was halted at $78,000, the bears took control once again and initiated another leg down that drove BTC to under $74,000 in late May. Bitcoin maintained $73,000-$74,000 for a few days but broke down as June started.

It first dipped to $71,000 yesterday, where it found some support, but that was short-lived. The bears kept the pressure mounting, and BTC crashed below $70,000 earlier today for the first time since April 8 amid some Mt. Gox transfers. Moreover, its dominance over the market has been significantly reduced as many alts have charted more minor losses.

The metric has slumped to 56.3% on CG, down by approximately 2% in the past week or so. Its market capitalization now struggles to remain above $1.4 trillion.

Alts Take It Better

Although most altcoins are in the red today, most of their losses are smaller than bitcoin’s. In fact, ETH is even slightly in the green on a daily scale, even though it continues to struggle below $2,000. XRP, TRX, ADA, and RAIN have dropped by under 3%, while BNB, HYPE, and SOL are down by around 1%.

XLM has plunged the most today after its recent run, and is now down by over 9%. In contrast, NEAR, ICP, and H have marked significant double-digit price pumps.

The total crypto market cap has dumped below $2.5 trillion on CG. Recall that the metric stood above $2.7 trillion just a few weeks ago.

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