Bitcoin’s dominance in the crypto market surged to nearly 63% in the past 24 hours, as altcoins suffered steep losses following renewed geopolitical instability in the Middle East. The spike in dominance comes even as Bitcoin’s own price dipped, highlighting just how severely altcoins have been impacted.
Geopolitical Shocks Weigh on Crypto Markets
The sharp sell-off was triggered by reports that the U.S. launched successful strikes on multiple Iranian nuclear sites, escalating tensions in the region. The announcement, coupled with a stern warning from former President Trump about further retaliation, sparked panic across risk-on markets—including crypto.
Bitcoin (BTC) initially attempted a recovery early in the week, rising from under $105,000 to a high of $109,000 by Tuesday. However, the rally was short-lived. As the Middle East crisis worsened, BTC dropped to a multi-week low of $101,000, before stabilizing around $102,500.
Despite its decline, Bitcoin’s market cap remains strong at $2.04 trillion, with its dominance climbing as altcoins experience sharper drawdowns.
Altcoins See Heavy Losses
The surge in Bitcoin dominance is largely due to the deep losses across the altcoin sector. Major names like Ethereum (ETH) fell over 7% in the past 24 hours, now trading dangerously close to the $2,200 mark—a steep decline from the $2,800 range just a week prior.
Other large-cap tokens including Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), SUI, and HBAR are also seeing heavy red candles. Even worse, mid- and low-cap altcoins such as APT, INJ, TIA, TAO, JUP, SEI, FET, VIRTUAL, and PEPE are down by double digits, exacerbating investor anxiety.
Altseason Looks Unlikely
These declines echo a recent market report suggesting that hopes for an “altseason” are rooted more in sentiment than data. With Bitcoin absorbing market share even during a price correction, the outlook for altcoins remains fragile in the near term.
