It\u2019s been a rough day for the cryptocurrency market, in general. The total capitalization declined by about $40 billion, and most of it was because altcoins are bleeding out.<\/p>\n

Bitcoin Dominance on the Run<\/h2>\n
Every now and then, especially in bear markets, Bitcoin tends to outperform altcoins. The predominant reason for this is that it\u2019s an established market leader with a lot more investor confidence in it compared to historically volatile and unstable altcoins.<\/p>\n
With this said, Bitcoin\u2019s dominance \u2013 the metric that tracks its share relative to that of the entire cryptocurrency market \u2013 has spiked by 1% in the past 24 hours alone, tapping yet another high not seen since October last year.<\/p>\n
Meanwhile, Bitcoin\u2019s price is down a little less than one percent in the past day, trading at $29,000 and unable to recover from the recent slumps.<\/p>\n
$\"img1_btc\"$ <\/a>
Source: TradingView<\/figcaption><\/figure>\n
As seen in the above chart, BTC\u2019s price is trapped below the 200-days exponential moving average, which is currently acting as a strong resistance.<\/p>\n
Ethereum and Cardano Shed 5%<\/h2>\n
The altcoin market is looking particularly wobbly, and Bitcoin\u2019s rising dominance is a clear sign of this.<\/p>\n
In any case, ETH\u2019s chart is looking particularly bleak as the cryptocurrency lost around 5% in the past 24 hours alone. As\u00a0CryptoPotato\u00a0<\/em>reported<\/a> yesterday, ETH is trading at its lowest point against Bitcoin since last October.<\/p>\n
$\"img2_mw\"$ <\/a>
Source: Quantify Crypto<\/figcaption><\/figure>\n
At the time of this writing, the market recovered some of the losses, although it\u2019s still predominantly in red.<\/p>\n
Another altcoin that\u2019s having a rough time is Cardano\u2019s ADA \u2013 also down about 5% on the day. Solana lost about 7% in the past 24 hours, the same as Avalanche (AVAX). In general, altcoins don\u2019t have a good outlook, and the biggest winner is XCN with a 64.4% increase \u2013 clearly, an outlier in today\u2019s market conditions when compared to the next best-performing top 100 asset, which is ETC with a distant 4.4% increase.<\/p>\n
On the other hand, we have GMT \u2013 the cryptocurrency that was making strides a couple of weeks back. It\u2019s now down 20% on the day and almost 40% on the week.<\/p>\n
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.<\/span><\/span><\/p>\n<\/div>\n
Cryptocurrency charts<\/a>\u00a0by TradingView.<\/div>\n
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It\u2019s been a rough day for the cryptocurrency market, in general. The total capitalization declined by about $40 billion, and most of it was because altcoins are bleeding out. Bitcoin Dominance on the Run Every now and then, especially in bear markets, Bitcoin tends to outperform altcoins. The predominant reason for this is that it\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":27483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[368,143,50,44,107,798,1253,721],"class_list":{"0":"post-27482","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cardano","8":"tag-billion","9":"tag-cardano","10":"tag-crypto","11":"tag-ethereum","12":"tag-market","13":"tag-markets","14":"tag-shed","15":"tag-watch"},"_links":{"self":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/27482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/comments?post=27482"}],"version-history":[{"count":0,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/27482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media\/27483"}],"wp:attachment":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media?parent=27482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/categories?post=27482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/tags?post=27482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}