The entire cryptocurrency market is bleeding out, losing over $180 billion in the past 24 hours alone. Bitcoin’s dominance, however, continues to increase.
Bears continue to take their toll on the cryptocurrency market as the prices are still bleeding out. The total market capitalization lost over $180 billion since yesterday’s peak.
It’s worth pointing out, though, that throughout the past few days, Bitcoin’s dominance – the index that tracks BTC’s share relative to that of the entire market – is increasing and now sits at almost 46%.
Bitcoin Price Slides Below $35K
Yesterday, bitcoin’s price was on the verge of recovery. It reached an intraday high of exactly $38,200 (on Bitstamp).
However, bears intercepted the move and started dragging the price down. Today, it dropped down to a current daily low of around $33,821, and, at the time of this writing, bitcoin is down about 7.4% over the past 24 hours.
Zooming out a little bit paints an even worse picture. Over the past seven days, the cryptocurrency is down almost 25% after having dropped to a low of $30K earlier on Wednesday.
Source: Market Watch