Bitcoin Dominance Surges to 46% Amid $180 Bil Market Dip

The cryptocurrency market has collectively dipped another 10% in the past 24 hours. The latest slump has resulted in a $180 billion market bleed out.

In particular, top crypto Bitcoin has been subject to some bad press. First off, billionaire Elon Musk disclosed that Tesla would no longer be accepting BTC payment. The announcement triggered nervous investors causing BTC price to crash. In turn, the top crypto dragged all the other cryptos down with it.

Adding fuel to the fire, China has been increasingly taking a hostile stance towards cryptocurrency. The country initially banned its financial institutions from participating in the crypto market. However, China now revealed it iscontemplating banning Bitcoin mining. Currently, the Asian nation accounts for the lion’s share of BTC mining activities.

In addition, the current drop in BTC prices is being partly attributed to a power outage in China. A case that illustrates how much influence the country has on BTC price.

However, despite the ongoing woes Bitcoin has fared better than altcoins. In fact, the top crypto’s market dominance has increased 1.31% in the last 24 hours up to 46%. In comparison, top altcoin Ethereum has fallen to 16.23 from an all-time dominance high of 20.61%.

At the time of writing the crypto market cap is worth about $1,450 trillion according to CoinMarketCap. 

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