Bitcoin’s dominance has jumped to 45% after the total crypto market cap lost more than $400 billion over the weekend. Although Bitcoin shed 7%, the asset’s dominance is slowly rising.
In the market crash over the last weekend, several altcoins also lost about 20% to 30% of their market valuation. ETH was down 10%.
At press time, however, Bitcoin and altcoins are now recovering. CoinMarketCap data shows that Bitcoin’s rose nearly 15% while ETH jumped more than 23%.
Much of the sector’s loss comes from Elon Musk’s tweet seemingly condemning Bitcoin’s high energy consumption and adding that Tesla would no longer accept Bitcoin payments. Assets declined further when crypto mining operator, Huobi, suspended its mining business after the recent China crypto crackdown.
Sales manager at Equos crypto exchange, Justin d’Anethan, said in an with Forkast.News:
Image Credits: Pixabay
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