Despite the retreat of the Bitcoin (BTC) price, the increasing dominance in recent days has pushed many of the altcoins to their lowest prices of the year.
While Bitcoin continues its decline in recent days, the increasing Bitcoin dominance has indirectly crushed altcoins. bitcoin, October 2 seen in history $28,600 local top With a decrease of nearly 6% 27 thousand dollars It fell to the band.
In this process, Bitcoin dominance, which expresses Bitcoin’s dominance in the cryptocurrency market, also 49.77%, up 3% from level 51.34% reached the level. Even though Bitcoin is in decline, you remain dominant rise Other than Bitcoin More money outflow from cryptocurrencies states that it is.
This situation means that Bitcoin will increase within this year. to grow by more than 63% opposite Altcoins hit their lowest levels of the year caused it to fall.
Polkadot, which has one of the strongest ecosystems in the cryptocurrency market, $4.3 then opened from levels $7.9 It had risen to the band. However, DOT, which has been declining since then, fell to its lowest level of the year. It dropped to $3.7.
The price at which DOT opened the year $4.3 level If it exceeds it, it will start to move upward again. can continue is considered.
Shiba Inu (SHIB)
Popular meme coin Shiba Inu lived at the beginning of the year 100% It almost overshadowed the performance. At peak price 60% decreased and fell to the lowest levels of the year. Pepe (PEPE) SHIB, which could not get the performance it wanted from the meme coin craze that started with , is trying to survive with the Shibarium and metaverse projects it launched.
Polygon achieved great success by coming to the fore with the great partnerships it established globally at the beginning of the year. 2x value he had won. Later, with the rise in Bitcoin dominance, money outflows began and a great loss of value occurred. Polygon also commented after Bitcoin experienced some further decline. upward movement It is estimated that it will start.
APE, the ecosystem token of the popular NFT collection Bored Ape Yatch Club (BAYC), announced the lock openings and Lack of interest in NFTs experienced a large decline due to APE, one of the projects that lost the most value this year, $6.3 at peak price 85% experienced a decline.
On the other hand, similar price movements were observed in many altcoins.
If Bitcoin dominance reaches saturation of Bitcoin according to movement altcoins It is thought that it will draw the road map. Although the price of Bitcoin increases, if Bitcoin dominance loses value, this means that more money flows into altcoins, and this may lead to large increases.