Bitcoin (BTC) Dominance Rises 50.9% as Alts Slide

Bitcoin price keeps falling and just dipped below $6,000

The price is a far cry from bitcoin's all-time high of nearly $20,000 back in December 2017. That said, the rally correlated with the issuance of $120 million worth of new tether tokens (USDT) between Tuesday and Wednesday, suggesting that new capital is entering the market.

A late Saturday reversal continued into the early hours of Sunday morning, with Bitcoin pulling back to a start of a day intraday low $6,162 before recovering to $6,300 levels, the day's low steering clear of the first major support level at $5,998.23 and more importantly sub-$6,000 levels. This means that much of the gain made during the Bitcoin bonanza in 2017 has been erased.

Bitcoins dominance comes as no surprise as it remains the most notable cryptocurrency in the world, even the person with the faintest idea of cryptos recognizes that bitcoin is the mother of them all.

At the time of publishing Bitcoin's market share is above 49%, the highest it has been this calendar year.

As of 20:33 UTC, the digital coin is changing hands at $289.9, nearly 10% down on the day, according to Coins.Online data.

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The RSI index also came out of the oversold levels, which often increases the chances for a rebound. The BTC prices have also corrected below the $6000 region as of this writing and the whole crypto market seems to be under a lot of pressure at this point of time.

Bitcoin's market dominance had sunk to an all-time low in mid-January where it nearly hit the 30% mark.

Another price hit to the Turkish lira sent tremors through global currency markets on Monday. U.S SEC declaring that Bitcoin is a commodity, ICE's announcement and a potential for a (Bitcoin) ETF, amongst other. However, this market dominance might not entirely be good news -at least not for the market as a whole.

Last year, a lot of ICOs hosted their projects on the Ethereum platform while raising money in Ether.

Every leading cryptocurrency in the market without any exemption has declined in value on August 14.

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