Crypto News- On Friday, the crypto world saw a sudden plunge in Bitcoin’s value as tensions escalated in the Middle East following Iran’s drone attack towards Israel. Bitcoin, hitting a low of $65,000, continued its downward spiral, touching a near one-month low of $61,000 by Saturday.
Weekend Fallout: Bitcoin Dominance Surges to 3-Year High, Liquidations Eclipse 1.5 Billion Dollars
While some experts label such corrections as routine, the sheer volume of long positions liquidated over the weekend indicates a lack of anticipation among many traders. Coinglass data reveals a staggering $784 million in crypto long positions liquidated on Friday, followed by an additional $771 million on Saturday. Onchain analyst Willy Woo suggests that the worst of this liquidation frenzy might be behind us, offering a glimmer of hope as Bitcoin’s price shows signs of recovery, hovering around $65,100 by late Sunday.
Altcoins Surge Amidst Bitcoin’s Dominance: A Market Shift or Temporary Trend?
Meanwhile, altcoins like Solana (SOL), Avalanche (AVAX), and Polkadot (DOT) showcase double-digit gains over a 24-hour period, hinting at a potential shift in preference towards these alternatives. However, the resurgence in Bitcoin dominance, climbing to a three-year high, paints a different picture. The Block’s data reveals Bitcoin dominance standing at 52.86%, its highest since April 2021, underscoring the continued dominance of Bitcoin in the crypto market.
Despite murmurs of an ‘altcoin season,’ market dynamics suggest otherwise. “I don’t typically look at Bitcoin dominance, but the chart is impressive considering the amount of new altcoins birthed into the market every day,” remarked popular pseudonymous crypto trader Bagsy on X.
Altcoin Hope: Rising Stars Outpace Bitcoin, Offering Promise for Market Optimists
However, hope remains for altcoin enthusiasts, as select tokens within the top 50 cryptocurrencies by market capitalization have outpaced Bitcoin’s performance since the year began. Notable among these are Dogecoin (DOGE), Stacks (STX), Binance Coin (BNB), Mantle (MNT), Shiba Inu (SHIB), and Render (RNDR), showcasing resilience and potential for those betting on an altcoin rally.
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