Bitcoin’s dominance has jumped to 45% after the total crypto market cap lost more than $400 billion over the weekend. Although Bitcoin shed 7%, the asset’s dominance is slowly rising.
In the market crash over the last weekend, several altcoins also lost about 20% to 30% of their market valuation. ETH was down 10%.
At press time, however, Bitcoin and altcoins are now recovering. CoinMarketCap data shows that Bitcoin’s rose nearly 15% while ETH jumped more than 23%.
Much of the sector’s loss comes from Elon Musk’s tweet seemingly condemning Bitcoin’s high energy consumption and adding that Tesla would no longer accept Bitcoin payments. Assets declined further when crypto mining operator, Huobi, suspended its mining business after the recent China crypto crackdown.
Sales manager at Equos crypto exchange, Justin d’Anethan, said in an interview with Forkast.News:
“When it rains, it pours. Bad news continues to flow in and weigh on crypto markets. Over the week, Huobi reportedly will stop hosting Chinese miners. OKEx and Huobi might also be putting restrictions on Chinese customers.”
Notably, Bitcoin and Ethereum are performing better than other cryptocurrencies. This is despite the fact that the two top crypto assets lost nearly half of their values from record highs. d’Anethan noted that BTC Dominance hitting 45% is a remarkable move as the coin’s dominance was about 39% early last week.
Image Credits: Pixabay
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