The total market cap of all cryptocurrencies has been below 300 billion dollars for the first time since the beginning of
February, the low point of the crash . After the huge dip in February, the market tried again and again to get up, but the (small) rises were again nullified . Confidence is now so weak that it is expected that we can continue to fall for a while.

Bitcoin strengthens position with respect to altcoins

The biggest difference with the low point in February is the dominant position Bitcoin currently occupies. The share of Bitcoin in the total market cap is currently more than 44% , the highest share in more than 3 months. This means that especially the altcoins (all other cryptocoins) have a hard time.

Where is the bottom?

Several technical analysts have more or less predicted that we would go back one more time to a market cap of <300 billion dollars. This is called a so-called double bottom, where a certain level has to be reached twice before the market realizes that 6000 $ is the bottom for BTC and that lower is not going to be sold.

Whether we really go to the 6k for BTC is the question, because now we are already under 300 billion dollars with a BTC value of 7800 $. If we are going to go even further, we expect that the BTC dominance will increase, so that the falls will mainly continue to cost the altcoins.

Big losses for all altcoins

Several large cryptocoins suffer huge losses. For example, Icon (ICX) is currently worth only $ 1.85, which means that the coin has retained only 15% of its value compared to the alltime high of $ 12. Larger projects such as Ethereum , Ripple and Cardano are also very heavy.
It has been a while for the market to move cyclically when it comes to Bitcoin vs. Altcoins. For the time being, it seems BTC's turn to behave dominantly. The question is whether this results in much profit, because BTC also pays in daily.

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