Bitcoin dominance has climbed to about 60.05%, a one-month high, as a broad crypto selloff on Thursday hammered altcoins harder than the top cryptocurrency. Bitcoin itself slipped 3.3% to just below $80,580, but Ethereum, XRP, Solana, and Dogecoin all fell further, with nearly $900 million in positions liquidated across more than 150,000 traders.
Bitcoin market dominance has jumped to about 60.05%, a one-month high, as a selloff on Thursday, Oct. 8 hit alternative cryptocurrencies harder than Bitcoin itself. The metric has been volatile over the past month: it traded above 60%, slipped to around 59%, briefly dipped below that mark, then climbed more than 1% off its recent lows as Bitcoin began outperforming the broader market.
Bitcoin holds up better than altcoins
Bitcoin has lost about 3.3% over the past 24 hours, trading just below $80,580.
Ethereum, the second-largest cryptocurrency, has declined 6% to around $2,413. XRP has tumbled 7.4% to $1.33. Solana has crashed 9.2% to $106.21. Dogecoin has fallen 8.3%. The privacy-focused token Zcash has crashed by about 14%.
Liquidations and macro pressure behind the drop
Liquidations across the market totaled nearly $900 million over the past 24 hours, affecting more than 150,000 traders. The selloff appears to stem from a combination of macroeconomic factors, weakening institutional interest, and cascading liquidations rather than a single cause.
One factor behind the downturn is a sharp rise in oil prices amid rising geopolitical tensions in the Middle East. Brent crude spiked above $105 per barrel on Thursday, driven by fears of potential US military strikes on Iran and further disruptions to oil supplies.
Source: U.Today
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