The cryptocurrency market is again experiencing a new altcoin sell-off. Despite Bitcoin (BTC) price is also falling, it has not been so affected as the altcoin market. Indeed, in the last few hours, Bitcoin’s market dominance has grown by 3 percentage points from 56% to 59%.
Altcoin Sell-Off Helps Bitcoin Dominance
The entire cryptocurrency market has suffered the negative consequences of a recent sell-off in digital assets. Cryptocurrencies such as Ethereum (ETH), Chainlink (LINK) and Polkadot (DOT) are experiencing massive sell-offs between 15% and 22%.
Bitcoin, instead, is falling just by 3.22% and it is still above $10,000, which is a very important and psychological level for the largest cryptocurrency in the world. Although the market sell-off could be related to the general correction that the entire financial markets are experiencing, it has also been affected by the recent SUSHI scandal.
SUSHI is a cryptocurrency that in just a few days – literally since August 30 – it went from $1.61 per coin to $7.70 and then it fell again to $1.40. This comes after the founder of the SushiSwap protocol exit-scammed the community by selling around $14 million in just two weeks. He exchanged his coins for ETH, which has also fallen in recent days.
The founder of the project Chef Nomi explained that he cares about the community, this is the reason why he decided to sell his coins. At the same time, he stated that people continue to believe he is leaving while Litecoin’s founder Charlie Lee sold his coins when LTC price was close to its all-time high.
Of course, a large part of the community has defended Charlie Lee and how he has been working with Litecoin for over ten years rather for just two weeks.
Despite the warns made by the entire crypto community about the recent DeFi projects being released to the market, there were users claiming for their funds back.
Returning to Bitcoin, it will be very important for it to remain above $10,000. This will be certainly important in order for the bull market to continue. If the bull trend shows it continues in the same direction, it will prove that dips such as this one are worth buying. However, if the entire market continues falling and registering lower lows, we could enter a period of a larger correction before the bull market continues for Bitcoin and the entire crypto industry.