Investing.com
Published Oct 10, 2023 03:29PM ET
The cryptocurrency landscape witnessed a significant shift on Tuesday, as Bitcoin’s dominance amplified following a major altcoin sell-off. This development led to Ethereum and Binance Coin (BNB) recording new cycle lows against Bitcoin, although Ethereum managed to maintain its USD-denominated value above its previous low of $1,544. Binance Coin, on the other hand, returned to its $208 mark.
Bitcoin’s market cap dominance now exceeds 51%, reflecting an increasing investor preference for the leading cryptocurrency over its smaller counterparts. This shift has further undermined the position of altcoins in the market.
The total crypto market capitalization experienced a downturn on Tuesday, dropping to $1.07 trillion. Despite this decrease, Bitcoin held its value above $27k with a daily high of $27,986 and a low of $27,279. Even though spot trading volume saw a significant drop of 63.3% to $12.110 billion, Bitcoin’s market cap remained steady at $539.420 billion.
Other cryptocurrencies like Ethereum, which traded at $1,587 on Tuesday, saw significant declines following the Ethereum Foundation’s sale of 1,700 ETH. Amid these market conditions, a HODLers Telegram community emerged to offer support to enthusiasts.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
