It’s generally agreed that the market has been in the midst of an altcoin season over the last couple of weeks as several projects have shown considerable growth while Bitcoin has just barely managed to hang on to $4,100. Things have since changed, however, as Bitcoin is taking its dominance back from the alts.
Being April fools day yesterday, the crypto community saw its share of fake stories, one of which being that the SEC had approved a Bitcoin ETF. Coupled with further jokes that Warren Buffet was advising people to buy BTC and the apex cryptocurrency saw its biggest price surge this year.
Read more: Why is Bitcoin pumping today?
As is usually the case when Bitcoin sees strong price movement, altcoins are affected. Today is no different as the vast majority of altcoins are crashing against their Bitcoin value. Several major altcoins have seen quite severe drops. XRP, for example, is down 7.5% against Bitcoin while Ethereum drops 6.45%. Crypto trader @ThusIsNuse illustrates this:
The king showing the pawns what’s up: pic.twitter.com/DXKHcOQXDQ
— ant (@ThisIsNuse) April 2, 2019
Bitcoin’s dominance was down to 50% yesterday, the lowest level it had been in seven months. Today its risen to 51.7% at the time of writing – the highest it’s been since early March. While prominent crypto trader Nic Trades feels it might still be a little early to say the downtrend is over, she states that “there are reasons to think it might be.”
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