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Bitcoin dominance is breaking out and at its highest point in 2 years, as alts are breaking down - what is going on?!

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by COINS NEWS 79 Views

Bitcoin dominance is breaking out and at its highest point in 2 years, as alts are breaking down - what is going on?!

Bitcoin Dominance has been at the highs, approaching 50%. We just broke out of a range that we have been in since April 2021.

https://preview.redd.it/gat49afec45b1.png?1857&format=png&auto=webp&s=e0d07543b17e00890bee7fbeb994ebe54d5bfbce

This is because alts are getting absolutely massacred. In the last 24 hours:

  • BNB -9%
  • ADA -25%
  • Matic -27%
  • DOT -14%
  • Sol -25%
  • Link -15%
  • Atom -18%
  • Algo -19%

A lot of these alts are hitting multi year lows. Algorand has even hit an all time low.

This absolutely insane. Meanwhile:

  • Bitcoin -2%
  • Ethereum -2%

There's a TON of liquidations:

https://preview.redd.it/vraevvmbd45b1.png?1417&format=png&auto=webp&s=adff244074252712d56f49e7cc420db7342f1661

What on earth is going on? This is an absolute massacre of my portfolio.

Take a break from the screen if you need, please.

submitted by /u/Beyonderr
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