The cryptocurrency market is seeing a modest relief rally after experiencing an enormous crash on Saturday due to growing tensions in the Middle East.
Ethereum (ETH), the largest altcoin, has managed to reclaim the $3,000 level after plunging to as low as $2,878.
Dogecoin is currently trading at $0.1591 after collapsing to $0.1358. The meme coin's drop was so precipitous that it seemingly caught Bloomberg expert Joe Weisenthal off guard.
Shiba Inu, after crashing to as low as $0.00001904, has now managed to recover to $0.000022.
Other major cryptocurrencies, such as XRP, Cardano (ADA) and Avalanche (AVAX), are also seeing some green, but they are still down substantially over the past 24 hours.
Why... did Dogecoin fall 14% in a single day?
— Joe Weisenthal (@TheStalwart) April 13, 2024
As reported by U.Today, the Bitcoin price collapsed by more than 8% after Iran attacked Israel with drones and missiles. However, industry leaders of the likes of Mike Novogratz are certain that it is only a temporary correction, predicting that the market cycle will continue.
However, the trajectory of the crypto market likely depends on whether or not there will be further escalation in the Middle East.
The total crypto market cap is currently below the $2.5 trillion mark after previously approaching $3 trillion.
Bitcoin's dominance reaches three-year peak
On Saturday, Bitcoin dominance managed to surpass the 57% level for the first time since April 2021.
For comparison, Bitcoin accounted only for roughly 39% of the cryptocurrency market back in September 2022.
After altcoins saw a minor relief rally, Bitcoin's dominance slipped back below 56%.
The market share of the top cryptocurrency is growing ahead of the upcoming halving event, which is expected to happen in just five days from now.
Ahead of the previous halving, which took place on April 11, Bitcoin dominance was close to 68%.
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