The price of Bitcoin continues to be under pressure and is crashing below the $30,000 mark. However, currently, altcoins are being hit even harder than Bitcoin. Investors need nerves of steel to endure this downward trend.
Already in the last few days, Bitcoin went below $35,000 for a short time. So far, however, Bitcoin has always been able to recover quickly. After Bitcoin’s price already sank to around $33,000 on Monday, June 21st, the price is now finally losing ground and is now quoted at around $29,800.
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Dogecoin & Co hit even harder
On the other hand, some altcoins have been hit very hard. Dogecoin (DOGE), for example, is currently trading at just $0.17. This corresponds to a decline of 45 percent within seven days. Since reaching its all-time high of around $0.73, DOGE, the favorite coin of Tesla CEO Elon Musk, has lost as much as 75 percent of its value. In the year 2021, however, DOGE is still on target with an increase of around 3500 percent.
While the market capitalization of the entire crypto market was over $2.5 trillion about two months ago, it has decreased by more than half ($1.175 trillion). An immense drop. At the beginning of the year, however, the market capitalization of all cryptocurrencies was still at $750 billion. Thus, the entire crypto market was still able to increase its market capitalization by more than 56 percent.
Bitcoin’s price crash leads to higher market dominance
The fact that the altcoins have been hit much harder than Bitcoin can be seen very quickly in the market dominance of the best-known digital currency. Bitcoin’s market share has regularly increased in recent days and weeks despite the price setbacks.
Currently, Bitcoin’s dominance is at 46.8 percent – at the beginning of the year, the market share was still around 70 percent at a price of $28,000. Subsequently, the market dominance dropped to just below 40 percent in May, before Bitcoin’s dominance returned.
Kiyosaki had announced setbacks to $24,000
Just a few days ago, Robert Kiyosaki had announced a Bitcoin’s price crash to $24,000. However, he said that this would then be the perfect time to finally buy bitcoin. PlanB stated in one of his latest tweets that the Bitcoin would be at least at $135,000 by the end of the year.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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