Bitcoin Drops 3% Amid Geopolitical Tensions Altcoins Suffer More

Bitcoin's price has experienced a significant decline, losing nearly 3% in the past 24 hours, as the broader cryptocurrency market faces mounting geopolitical and economic pressures. The price of Bitcoin tumbled from around $106,000 to an intraday low of $102,400 before bouncing back slightly. This decline is part of a broader selloff in the crypto market, with major altcoins such as Ethereum, Solana, Cardano, and others experiencing even more substantial losses.

According to analysts, Bitcoin's price trading around $100,000 is indicative of institutional dominance rather than retail FOMO. This suggests that Bitcoin has more staying power because institutions are less likely to sell during temporary and sudden drawdowns. The ongoing conflict between Israel and Iran is also contributing to market turmoil, driving up oil prices and causing volatility in stock markets.

Altcoins have been hit harder than Bitcoin, with many larger-cap cryptocurrencies such as Ethereum, Solana, Cardano, Dogecoin, Hype, Bitcoin Cash, Chainlink, and Avalanche declining by more than 3% in the past 24 hours. Bitcoin's dominance, which tracks its share relative to the rest of the market, has increased by more than 1% during the same period. This indicates that Bitcoin is performing better than altcoins, which are unable to capitalize on its drawdown. This trend seems to be a recurring theme in the current market cycle.