Bitcoin Dominance Rises Amid Sharp Decline in Altcoins

Bitcoin has seen a sharp decline in recent times, reaching around $91,000, its lowest level in three weeks. However, over time, Bitcoin began to recover quickly and rose again above the $95,000 level. This decline was the result of several factors, including the recent economic decisions of US President Trump, who imposed new taxes on imports from Canada, Mexico and China, which increased pressure on financial markets in general, including the cryptocurrency market.

Despite the losses that Bitcoin witnessed during that period, its dominance in the market increased significantly and reached around 59% according to CoinGecko data. However, despite this, the market value of the currency fell to less than $1.9 trillion, which reflects the impact of global economic conditions.

As for alternative currencies (Altcoins), they suffered greater losses than Bitcoin. For example, Ethereum (ETH) fell to less than $2,300, before recovering and rising again to $2,600. But the worst was with ADA, which fell by 23%, while other coins such as BNB, XRP, DOGE, LINK, and AVAX also saw sharp declines of double digit percentages.

As for the market as a whole, it saw a significant drop in market capitalization, with more than $400 billion of the total value lost, and the market eventually settled above the $3.2 trillion level. This significant decline shows how volatile the cryptocurrency market can be in a short period of time, and the significant impact global economic changes can have on investors in this space.