Bitcoin‘s share of the cryptocurrency market has risen to 60.05%, marking its highest dominance level in a month. This shift indicates investor migration from volatile altcoins towards the more stable Bitcoin, following recent market sell-offs.
Deepening Pressure on Altcoins
Over the past month, Bitcoin dominance experienced fluctuations, dropping to 59% before recovering. This recovery underscores Bitcoin’s comparative strength against the broader crypto market, with a noticeable increase in its market dominance.
Altcoins suffered significantly during the latest downturn. Within a 24-hour period, Bitcoin declined by 3.3% to trade just under $80,580. Ethereum saw a sharper fall, losing 6% and settling at $2,413, while XRP plunged 7.4% to $1.33.
Bitcoin’s rising dominance shows that capital is shifting from the overall market towards Bitcoin, indicating heightened pressure on altcoins.
Liquidations Near $900 Million
The past 24 hours in the cryptocurrency market saw liquidations totaling approximately $900 million, with over 150,000 investor positions being closed. The volatile price movements particularly accelerated losses in leveraged trades.
The sell-off stems from multiple factors including macroeconomic pressures, waning institutional interest, and successive liquidations, collectively dampening risk appetite across the market.
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Oil Price Surge Intensifies Risk Aversion
One of the main factors behind the cryptocurrency market’s decline is the sharp rise in oil prices. Geopolitical tensions in the Middle East have accelerated risk aversion across global markets.
On Thursday, Brent crude oil prices surged past $105 per barrel, driven by concerns over potential U.S. military actions against Iran and anticipated supply disruptions, which fueled the spike in energy prices. This development has exacerbated the selling pressure in the already fragile cryptocurrency market.
The spike in oil prices and geopolitical tensions have led investors to adopt more cautious stances, increasing the selling pressure in the cryptocurrency market.
