Sharp Drop in Mainstream Altcoins LDO and EIGEN: Bitcoin Dominance To Blame?

LDO and EIGEN plunged nearly 8% in the last 24 hours.

Bitcoin's dominance soared after it surpassed $108K for the first time.

A drop in BTC dominance is necessary for an altcoin rally to take hold.

Popular altcoins like Lido DAO (LDO), EigenLayer (EIGEN), Dogecoin (DOGE), and Chainlink (LINK) experienced significant declines in the past 24 hours, coinciding with a rise in Bitcoin's dominance to 56.5%. Bitcoin (BTC) itself saw a 2.5% dip to $103,900 after reaching a record high of $108,268 earlier this week.

This decline in altcoin prices reflects Bitcoin's growing dominance, which can lead to short-term losses for altcoins. However, analysts anticipate a potential reversal in this trend, which could trigger an altseason.

Bitcoin's Drop Impacts Altcoins, but a Few Gain Resilience

Bitcoin's dip impacted several altcoins, with LDO dropping 8% to $2.07, EIGEN falling 8.37% to $5.05, LINK decreasing 3% to $27.51, and DOGE diving 3.3% to $0.3866, according to CoinMarketCap data. Notably, Pudgy Penguins (PENGU) and Litecoin (LTC) defied the trend, with PENGU surging 505% and LTC rising 5%.

Crypto YouTuber Crypto Rover observed on Twitter that altcoins are following a pattern similar to previous . The post initially appeared on Coin Edition.