Bitcoin Dominance Falls Further as BTC Price Struggles at $50K

• Bitcoin dominance falls to 39.1%, while BTC price struggles to hold its $50K position.
• The downtrend was due to Elon Musk’s tweet about Bitcoin mining.
• Other altcoins such as Ethereum, Dogecoin, and Cardano have made impressive comebacks.

Bitcoin dominance continues its decline amid recent jabs that it received in the past days. Recently, Tesla CEO Elon Musk issued a tweet that brought the chief cryptocurrency to its heels.

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He replied to his tweet, saying that the energy usage trend during the past months is “insane”. As evident in the Bitcoin community, many were outraged by Elon’s tweets, especially since it caused the BTC price to crash below $50,000. Other altcoins were gravely affected by the decline. However, they seem to have recovered.

As seen on the image above, Ethereum has begun to recover its position, reaching a $11.1% increase in the last 24 hours. At the time of writing, ETH is now back at $4,100.

Perhaps the most surprising activity happened around Cardano, as ADA price is now at $2, an all-time high (ATH). Despite the market crash as effected by Elon, ADA showed strong performance.

Meanwhile, Bitcoin continues to regain its footing. Its market dominance is currently at 39.1%, one of the lowest it has dived ever since. This means that a lot of traders took Elon’s recent tweet very seriously.

On the other hand, Elon’s favorite meme coin Dogecoin is making a recovery, especially due to another tweet, wherein he’s saying he’s working with Dogecoin developers.

Many in the crypto community called out the joke, as Dogecoin has had barely any code development in the last years. Nevertheless, people still saw the tweet as an opportunity to pump the price once more.

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