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.
BTC 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.
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