Meanwhile, bitcoin lost just 3%. The relative outperformance perhaps stemmed from increased haven demand – investors moving money out of altcoins and into bitcoin, the world's largest and most liquid cryptocurrency.
"Bitcoin's relative dominance mooning amid altcoin market sell-off. Flight to majors ," pseudonymous crypto trader and analyst @52kskew tweeted.BTC's dominance rate has been steadily rising since November and surged during the March U.S. banking crisis.
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Bitcoin (BTC) Dominance on the Rise as Cardano (ADA) Slips 4% (Market Watch)Aside from ADA, ATOM, GRT, and FIL have also dropped hard in the past 24 hours.
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