Bitcoin dominance hits 58% amid altcoin, stock market bloodbath
Bitcoin dominance has notched a new yearly high amid a brutal Ethereum-led sell-off.
Bitcoin dominance — the ratio of Bitcoin’s market capitalization to the rest of crypto — has notched a new yearly high of 58% amid a crypto and stock market tumble.
Bitcoin’s (BTC) dominance briefly touched 58.1% in the early hours of Aug. 5 amid a sudden sell-off that saw Ether drop as far as 18% in two hours, while BTC fell 10% in the same time frame.
IG Markets analyst Tony Sycamore told Cointelegraph that the drawdown serves as a reminder that Bitcoin and crypto assets more broadly sit very much at the “pointy end” of the risk asset spectrum.
Go to Source
Author: Tom Mitchelhill
