Bitcoin’s inability to overcome the $120,000 resistance resulted in another nosedive over the past 12 hours or so, as the asset fell toward $116,000.
While that might be somewhat worrisome, the altcoins have charted even more substantial losses, with multiple double-digit losers such as XRP and DOGE from the larger caps.
Alts Crash
The alternative coins were flying high for a few weeks, which sparked speculation whether the much-anticipated altseason had finally started. After registering massive gains for a while, though, it felt inevitable that there would be a more violent correction, which materialized in the past 12 hours or so.
Ripple’s native token is among the leaders in this adverse trend, losing over 11 of value and dropping below $3.1. Some of the blame can be attributed to Upbit.
DOGE, XLM, HBAR, and PEPE are the other double-digit losers from the larger-cap alts, while APT has plunged by 16 daily. SOL, ADA, SUI, LINK, and AVAX are also deep in the red.
ETH has managed to remain relatively still at around $3,600, while BNB has lost more than $40 since yesterday’s peak above $800.
The cumulative market cap of all crypto assets has shed over $100 billion since yesterday’s top and is down to $3.9 trillion now.
Cryptocurrency Market Overview. Source: QuantifyCryptoBTC Dominance Recovers
As many of the altcoins were marking gains, bitcoin’s price consolidated after the recent ATH at over $123,000. The asset lost some traction and dipped below $120,000, where it has been for most of the past week.
Its dominance over the alts was violently reduced, going from over 63 to 59 within a week or so. Now, though, the metric has increased by more than 1 in just a day as BTC has remained at essentially the same level as yesterday while the alts were getting obliterated.
With bitcoin currently trading close to $119,000, its market cap has remained at almost $2.370 trillion on CG.
BTCUSD. Source: TradingViewCryptocurrency charts by TradingView.
