Bitcoin Dominance Skyrockets as ETH and Other Altcoins Plummet

Bitcoin’s price took another turn for the worse in the past 24 hours after the US attacked multiple Iranian nuclear sites, and the asset plunged to a multi-week low.

The altcoins have posted even more notable price declines, which is evident from the growing BTC dominance.

Bitcoin Tries to Recover

The business week began on a different note as the primary cryptocurrency shot from under $105,000 to $109,000 by Tuesday. However, it faced an immediate and violent rejection that pushed it south hard as the tension in the Middle East continued to rage on.

In a matter of hours, BTC dumped to $103,500 before the bulls initiated an impressive leg up that drove the asset higher by around $3,000. Nevertheless, the overall negative market sentiment continued, and bitcoin started to lose value once again in the following days.

The culmination came earlier today as the US launched “successful” attacks against multiple nuclear sites in Iran, as described by the POTUS. Moreover, Trump warned that there will be more violent strikes if Iran decides to retaliate in any form.

Bitcoin’s price tumbled below $101,000 for the first time in almost three weeks. However, it remained within a six-digit price territory and has recovered to $102,500 as of now.

Its market cap is down to $2.040 trillion on CG, but its dominance over the alts has skyrocketed to almost 63% as most bleed out.

Alts Deep in Red

The rising BTC dominance in times when the cryptocurrency’s price is dropping means only one thing – the alts have it even worse. Interestingly, it’s not just the lower caps that are suffering badly. Ethereum, the largest of the bunch, has dumped by over 7% in the past 24 hours and is close to breaking below $2,200. Recall that ETH stood tall close to $2,800 just until a week ago.

Solana, Dogecoin, Cardano, SUI, LINK, HBAR, and LINK are also deep in the red from the bigger alts. Even more painful declines come from VIRTUAL, APT, INJ, TIA, TAO, SEI, JUP, FET, and PEPE, as all of them are down by double-digits on a daily scale.

These developments are only supporting a recent report, which claimed that those hoping for an altseason are relying mostly on “wishful thinking” rather than any hard data.