Regardless of the fact that the price of Bitcoin has plunged to a two-week low, the market dominance of Bitcoin has increased due to the huge fall in the altcoin market. The price of Bitcoin continues to fall and slips to the level of $31K, but its dominance over the market has surged to a monthly high as most of the altcoins have lost significantly.
Bitcoin Market Dominance Rises Due to Altcoin Market Fall
Though it has been recently reported that Bitcoin (BTC) has managed to recover some of its losses and has spiked to just over the mark of $36K, the tightening of Crypto crackdown in China reversed the path trajectory of the price of the flagship currency.
Just in a matter of a couple of days, Bitcoin has witnessed a significant loss in value and has plunged to the level of $31K and hence, it has marked the lowest price since the beginning of June.
Well, it should be noted that the bulls in the market have made several attempts to revive the price of Bitcoin, but they only managed to touch the mark of $33K within a day.
In contrast to the fall in the price and value of Bitcoin, it has been witnessed that the market dominance of Bitcoin has surged and has reached 46.5% approximately.
Altcoins Market Slips Notably
The rising market dominance of Bitcoin clearly means that the Altcoins are losing a significant amount of value and as a result of this, the market was red.
Ethereum slipped by 5%, approximately withstanding just above the mark of $1,900. This loss was still not that much and moving forward with the rest of the other coins in the market, Binance Coin lost around 14% and plunged to the mark of $275.
Other coins such as Cardano, Dogecoin, Polkadot, MATIC, Litecoin, Polkadot, and Ripple have lost 12%, 24%, 14%, 13%, 10%, and 13.5% respectively.