Bitcoin temporarily falls below $ 30,000 ── but Dominance is at the highest level in 26 months due to the decline of Altcoin | CoinDesk JAPAN | Coin Desk Japan

Bitcoin (BTC) fell below $30,000 on the 28th, and altcoins also fell in the afternoon.

Data from CoinDesk Indices show that bitcoin fell to $29,874 at one point, down 1.8% in 24 hours. After that, it rebounded slightly and recovered to $ 30,000 (about $ 30,140 at around 9:30 on the 29th Japan time).

But the drop has led to sudden declines in altcoins, with many falling 5-10% in a 24-hour period.

Optimism (OP) dropped 10%, while Cardano (ADA), Polygon (MATIC) and Avalanche (AVAX) dropped 6%, 7.7% and 8%, the biggest losses among the top 20 crypto assets.

Ethereum (ETH) held up better than many altcoins, but underperformed Bitcoin, down 3.2%.

The fall in altcoins has boosted Bitcoin’s dominance in the cryptocurrency market. Bitcoin dominance topped 52% for the first time since April 2021, according to TradingView data.

Bitcoin Dominance (TradingView)

Institutional investors’ recent appetite for bitcoin has increased, as evidenced by the filing of a Bitcoin ETF (Exchange Traded Fund) by BlackRock, the world’s largest asset manager, and other asset managers. Extremely strong, bitcoin rose to a one-year high at one point.

Meanwhile, regulatory risk weighed on the performance of altcoins. In early June, the SEC (U.S. Securities and Exchange Commission) named several crypto assets, including Solana, Polygon, and Cardano, as “unregistered securities,” while popular trading app RobinHood and others called such crypto assets “unregistered securities.” stopped trading.

“Bitcoin is ahead of the curve this year as the U.S. tightens regulations on several new tokens,” reports Kyle Waters, an analyst at digital asset research firm CoinMetrics. described in

“Bitcoin’s 85% year-to-date return has outperformed most other major digital assets.”

Year-to-date performance (CoinMetrics)

According to CoinGlass data, the price drop cost traders with long positions $115 million (about 16.1 billion yen, equivalent to 140 yen to the dollar).

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: Bitcoin Drops Below $30K as Altcoins Tumble; BTC Dominance Reaches 26-Month High