Bitcoin’s dominance has dropped to a 35-month low as BTC fails to overcome $50,000. In contrast, ADA has climbed to yet another ATH.
Bitcoin’s price continues to tumble, and the asset has failed to overcome $50,000 yet again. Some alternative coins have marked substantial gains in the past 24 hours, including another ATH for ADA and a 15% surge for XRP. As a result, BTC’s dominance has fallen to its lowest level since June 2018.
35-Month Low for BTC Dominance
Ever since Elon Musk announced that Tesla will cease receiving bitcoin payments for its electric vehicles, the price of the primary cryptocurrency has struggled severely.
BTC traded above $58,000, but Musk’s words brought enhanced volatility that pushed it down by roughly $12,000 in a day. After reaching a two-month low at $46,700, bitcoin attempted a quick recovery, which took it only to about $51,000.
However, it reversed its trajectory almost immediately and has struggled below $50,000 since then. Furthermore, the bears kept the pressure going, and BTC fell to an 11-week low earlier today, as reported.
As such, bitcoin’s market cap lost another significant milestone and dipped below $900B. Additionally, the asset’s market dominance has continued to fade away.