Bitcoin falls below $30K, altcoins drop, BTC dominance at 26-month high.

Bitcoin’s (BTC) recent drop below the $30,000 level caused smaller cryptocurrencies to decline on Wednesday afternoon.

BTC’s price dropped to as low as $29,874, a 2.2% decrease in the past 24 hours, according to blockchain data. This decline resulted in a sudden sell-off in alternative cryptocurrencies (altcoins) markets, which experienced 5-10% drops compared to Tuesday.

The OP token of the Optimism network recently fell by 10%, while Cardano’s ADA, Polygon’s MATIC, and Avalanche’s AVAX experienced the largest declines among the top 20 cryptocurrencies, losing 6%, 7.7%, and 8% respectively.

The underperformance of altcoins further solidified BTC’s dominance over the broader digital asset market. The BTC Dominance Rate, which indicates the largest cryptocurrency’s share in the total crypto market, surpassed the 52% level for the first time since April 2021, according to TradingView data.

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Edited by James Rubin.