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

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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.

BTCUSD June 2. Source: TradingView
BTCUSD June 2. Source: TradingView

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.

Cryptocurrency Market Overview June 2. Source: QuantifyCrypto
Cryptocurrency Market Overview June 2. Source: QuantifyCrypto

 

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