Altcoins took a massive hit recently, losing a staggering $234 billion in market value, according to cryptocurrency analytics firm Glassnode. This represents one of the biggest drops ever recorded for the altcoin market.
Bitcoin’s Rise, Altcoin’s Fall
The downturn comes as Bitcoin (BTC) significantly outperformed all other altcoins. Glassnode’s analysis shows a considerable sell-off in altcoins over the past two weeks. This suggests a growing divergence between Bitcoin and the rest of the crypto market. While Bitcoin’s price held relatively steady, altcoins experienced a major capitulation event, indicating a bear market within the altcoin sector.
Bitcoin Dominance Grows
At the time of writing, Bitcoin is trading around $96,933, up nearly 2% in the last 24 hours. Bitcoin’s dominance (the percentage of the total crypto market cap it represents) currently sits at 61.18%, a more than 5.5% increase over the past month. This increase in Bitcoin dominance highlights the underperformance of altcoins compared to Bitcoin.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies. Investing in crypto is risky, and you could lose money.
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