Bitcoin Tumbled $3500 In 24 Hours: Altcoins On The Rise As BTC Dominance Drops To 66%

Bitcoin’s bloody weekend continued with substantial price declines as the primary cryptocurrency dipped beneath $35,000, for the second time in 3 days. In contrast, remarkable gains for Cardano (ADA) and another all-time high for Polkadot have sent BTC’s dominance over the market to about 66%.

Bitcoin Loses More Than $3K In 24H

Just a few days after the Monday crash, in which BTC bottomed slightly above $30K, the cryptocurrency managed to recover most losses and even tried its hand at $40,000 once again.

However, BTC failed to breach above that coveted level and started gradually declining in value. BTC dipped to $34,500 on Friday, but the bulls intercepted the move and drove it to an intraday high of nearly $39,000 a few hours after.

Nevertheless, the adverse developments returned, and bitcoin plummeted once again – this time lower. As of writing these lines, Bitcoin price is trading below $34,500 – over $3,500 of free fall in less than 24 hours.

The technical indicators suggest that the next support levels that could assist if BTC slumps even further south are $34,000, $32,500 (mid-term ascending trend-line), and $30,000 (Monday’s low).

Alternatively, bitcoin has to overcome the resistance lines at $35,600, $36,600, $37,150, and $38,000 before potentially challenging $40,000 again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Three In A Row For DOT; Alts Reducing BTC Dominance

Although most alternative coins are slightly in the red, they have actually managed to reduce BTC’s dominance over the market, and gain against their BTC value.

The metric comparing bitcoin’s market capitalization with all other altcoins was at 70% earlier this week, but it has decreased to 66.2% as of writing these lines.

This has become possible after impressive gains from assets like Polkadot and Cardano. DOT has doubled-down on its recent bull run with another all-time high – this time above $19. On a weekly scale, DOT is up by more than 70%, and the asset surpassed XRP as the fourth-largest crypto.

On the other hand, ADA has spiked by 15% to a high of $0.36.

Ethereum, Binance Coin, and Litecoin have marked minor losses. Ripple (-3%), Bitcoin Cash (3%), and Chainlink (-8%) have lost the most from the top ten.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The most significant gainer in the past 24 hours is Avalanche. AVAX has jumped by 36% and has entered the top 40 coins after its market cap crossed the $1 billion mark.

Further gains are evident from Enjin Coin (19%), NEAR Protocol (18%), Ren (16%), Kusama (14%), and SushiSwap (14%).

In contrast, IOST (-28%), Voyager Token (-22%), Nexo (-20%), Band Protocol (-15%), and HedgeTrade (-12%) have lost the most.

Source: Crypto Potato