The past 24 hours has seen altcoins bleed as number one crypto, Bitcoin surges to tap $58,000, another multi-month high until it began to retrace. Altcoins like Ripple, Solana, Polkadot, Terra, Uniswap, among others in that time, see massive declines.

Bitcoin sees multi-month high

Bitcoin has continued to surge in the past 24 hours as its dominance over altcoins also continues to surge rising to a two-month high at nearly 47%. Slowly, Bitcoin has continued to rise since it broke the $50,000 level. It spiked to $55,000 and touched $56,000 and $57,000 in the following two days to chart new five-month highs.

Although in the past 24 hours, BTC has dropped to $54,500, however, from then, it went on another run and came just inches away from $58,000 before retracing. The bears intercepted the move and pushed it south by several hundred dollars once more.

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As of now, BTC has reclaimed some ground and stands around $57,500, and its market capitalization has neared $1.1 trillion once more.

Altcoins reek of red

Altcoins failed to follow in the footstep of Bitcoin as they all continue to decline in the past 24 hours. Ethereum failed to remain above $3,600, and a 3.5% decrease has driven it below $3,500.

Other altcoins have seen worse. Binance Coin (-4%) is close to breaking below $400 for the first time in over a week. Cardano has shed 5.5% in a day and stands at $2.1.

Ripple, Solana, Polkadot, Dogecoin, Terra, Uniswap, Litecoin, and Avalance have lost even more value since yesterday. Consequently, XRP sits at $1.1, SOL at $143, DOT at $33, DOGE is below $0.23, LUNA dumped beneath $40, UNI is at $23, LTC below $175, and and AVAX trades at $53.

Crypto market overview as altcoins reek of red in volatile market. Credit: QuantifyCrypto

Even more losses are seen mid/lower cap altcoins with Ren (-15%), Arweave (-13%), IOTA (-12%), DYDX (-12%), THORChain (-11%), Algorand (-10%), Avalanche (-10%), THETA (-10%), and Flow (-10%).

Only AXS (+2.4%), FTM (+1.59%), XMR (+0.13%) and KLAY (+0.9%) are in the green among the top 100 cryptocoins.
Despite the massive price dump, the crypto market cap has shed off around $60 billion in a day, but it’s still above $2.3 trillion (CoinGecko).