Bitcoin Price Slides to $103K as Major Altcoins Crash (Weekend Watch)

The broader cryptocurrency market continues struggling amid mounting geopolitical and economic pressures. Bitcoin’s price has lost almost 3% on the day, while major altcoins such as Ethereum, Solana, Cardano, and others chart even more considerable declines. Bitcoin Price Tumbles toward $103K Bitcoin is charting a near 3% loss in the past 24 hours in what seems to be a broader crypto market selloff. As seen in the chart below, the price tumbled from around $106,000 to an intraday low at $102,400 before bouncing and settling at where it current trades at the time of this writing. Source: TradingView As CryptoPotato reported, however, the common theme amongst the majority of cryptocurrency analysts and experts is that Bitcoin’s price trading at around $100,000 is indicative of institutional dominance and not retail FOMO. This suggests that it has much more staying power because institutions are a lot less likely to sell during temporary and sudden drawdowns like the current one. At the same time, however, the war between Israel and Iran continues , driving oil prices up and causing turmoil on stock markets as well. Altcoins Crash Harder than BTC The heatmap below paints a clear picture: most of the altcoins are trading in the red and are charting consiedrable losses. Namely, some of the larger-cap cryptocurrencies such as ETH, SOL, ADA, DOGE, HYPE, BCH, LINK, AVAX, and more, are declining for more than 3% during the past 24 hours. Interestingly enough, Bitcoin’s dominance – the metric, which tracks its share relative to that of the rest of the market is up by more than 1% during the same period. This shows that BTC is performing a lot better and altcoins are completely unable to capitalize on its drawdown. In fact, this seems to be the other theme of the current cycle. Source: Quantify Crypto The post Bitcoin Price Slides to $103K as Major Altcoins Crash (Weekend Watch) appeared first on CryptoPotato .

Source: Crypto Potato