Bitcoin market dominance has skyrocketed to about 60.05%, hitting a one-month high.
The recent spike in Bitcoin dominance may lead to more trouble for alternative cryptocurrencies.
The past month has been quite turbulent for Bitcoin dominance (BTC.D).
Earlier in the timeframe shown, Bitcoin dominance was trading above 60%. However, it recently slipped to the 59% mark and briefly fell below that level.
Yet, Bitcoin has started to outperform the overall cryptocurrency market. The Bitcoin dominance metric has risen by over 1% compared to its recent lows.
Altcoins crash big
The recent Bitcoin dominance spike comes amid a brutal cryptocurrency market crash that took place on Thursday, Oct. 8. This selloff has resulted in severe damage to key altcoins.
Recent market data shows that Bitcoin has lost about 3.3% over the last 24 hours and is currently trading just below $80,580.
The second-largest cryptocurrency, Ethereum (ETH), has declined by 6% to around $2,413. Meanwhile, XRP has tumbled 7.4% to $1.33.
Another substantial loser is Solana (SOL), which has crashed 9.2% to $106.21. In the meantime, Dogecoin (DOGE) has fallen 8.3%. Meanwhile, the privacy-focused cryptocurrency Zcash (ZEC) has crashed by about 14%.
Liquidations across the market totaled nearly $900 million over the past 24 hours, affecting more than 150,000 traders.
The latest cryptocurrency market crash seems to have been a result of a combination of macroeconomic factors, weakening institutional interest, and cascading liquidations rather than a single cause.
One of the key factors behind the crypto downturn is the recent sharp rise in oil prices amid rising geopolitical tensions in the Middle East.
The price of Brent crude oil spiked above $105 per barrel on Thursday, driven by rising fears of potential military strikes by the US on Iran and further disruptions to oil supplies.
Rising oil prices have revived concerns abo