CryptoBitcoinAmid Altcoin sell-off and crypto market downturn, bitcoin dominance grows

Amid Altcoin sell-off and crypto market downturn, bitcoin dominance grows

The cryptocurrency landscape witnessed a significant shift on Tuesday, as Bitcoin‘s dominance amplified following a major altcoin sell-off. This development led to Ethereum and Binance Coin (BNB) recording new cycle lows against Bitcoin, although Ethereum managed to maintain its USD-denominated value above its previous low of $1,544. Binance Coin, on the other hand, returned to its $208 mark.

Bitcoin’s market cap dominance now exceeds 51%, reflecting an increasing investor preference for the leading cryptocurrency over its smaller counterparts. This shift has further undermined the position of altcoins in the market.

The total crypto market capitalization experienced a downturn on Tuesday, dropping to $1.07 trillion. Despite this decrease, Bitcoin held its value above $27k with a daily high of $27,986 and a low of $27,279. Even though spot trading volume saw a significant drop of 63.3% to $12.110 billion, Bitcoin’s market cap remained steady at $539.420 billion.

Other cryptocurrencies like Ethereum, which traded at $1,587 on Tuesday, saw significant declines following the Ethereum Foundation’s sale of 1,700 ETH. Amid these market conditions, a HODLers Telegram community emerged to offer support to enthusiasts.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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