Ouch. After a jaw-dropping rise, Bitcoin and altcoins are beating a hard retreat. In the past 24 hours, BTC, according to Coin Market Cap, has lost some 17% — a collapse that must be reminiscent of last year’s brutal bear market. While Ethereum and XRP are down by similar percentages, Bitcoin market dominance has begun to rally. Hard.
In fact, as spotted by a number of analysts, this statistic, which measures how much of the total market capitalization is Bitcoin, is reaching levels not seen since December 2017. December 2017 is, of course, when Bitcoin rocketed to $20,000, all while altcoins, save for hype-driven players like Ethereum and XRP, were flatlining.