BTC Market Dominance Dropped by 38.32% Over Weekends, ETH Grows

Source : coinquora.com

Bitcoin News

  • Bitcoin market dominance sank as low as 38.32% this weekend.
  • The entire crypto market cap stands at $2.4 trillion compared to last month’s over $1 trillion.
  • Ethereum market experience dominance grows.

Bitcoin market dominance dropped to its nearly lowest level ever, amid this weekend’s crypto crash. The market dominance of the first and largest crypto by market cap dropped to 38.32%. Besides, the entire crypto market was suffering. Moreover, the only time it has dipped low this year was in May, it hit 37.76%, according to CoinMarketCap.

In addition, compared to last month, the entire crypto market cap was over $1 trillion, right now it stands at $2.4 trillion, and the Bitcoin market cap is $924 billion. The sell-off started on Friday and expedited on Saturday and hit the entire coin market, but Bitcoin hit particularly hard.

According to Qiao Wang, “this might be the worst BTC price action vs Alts I’ve seen over the past decade.” In fact, Bitcoin (BTC) price has crept back up to $48,930 as of Sunday afternoon, just down 1% over the past 24hours and 10% in the past week.

On the other hand, the second-largest cryptocurrency by market cap, Ethereum, also suffered in the past few days, in terms of price. But, the Ethereum market dominance has gone up as people sell their Bitcoin. The figure shows that Ethereum’s dominance was 20% on Saturday.

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