Comparing the price performance of bitcoin and altcoins, altcoins seem to suffer the most in these difficult days.
This is what it points out Santiment, which underlines the difference between bitcoin's 4.5% loss and, say, Dogecoin's 26% loss.
Taking the top ten cryptocurrencies by market capitalization as a benchmark, obviously excluding stablecoins, the price of BTC is currently 15% below what it was a week ago, but the other top cryptocurrencies are down by one more percentage. high.
For example, ETH is 21% below, roughly the same as BNB. ADA stops at -18%, while XRP is down 27%.
Even DOGE and DOT are down 32%.
This difference is confirmed by the dominance of bitcoin, which is the percentage of the total market capitalization of cryptocurrencies held by BTC.
On May 19, or the day of the sudden crash, bitcoin's dominance reached its lowest point in 2021, with a 37.76% according to CoinGecko.
In the following days it was again above 40%, but with the collapses of late May and early June it was below again.
However, as of June 10 it began to rise, not so much because of a particularly positive behavior of the price of BTC, but because of a new fall in the prices of altcoins.
On June 12 it was already above 43% again, while yesterday it was above 46%.
The current level of dominance of bitcoin is similar to that of the beginning of May, although the price is much lower.
The bitcoin flash crash and the effect on altcoins
In other words, following the May 19 flash crash driven by the price of bitcoin, a generalized altcoin-led slide was triggered, given that the minimum peak touched by BTC that day was no longer reached in the following days, except yesterday for a very short period.
Therefore, as of May 19, a period of bitcoin price lateralization began between $ 30,000 and $ 40,000, with rare exceptions, while in the same period the price of many altcoins fell further.