In a turbulent day for the cryptocurrency market, Bitcoin (BTC) showcased its resilience by maintaining its lead, while other major players like Ethereum (ETH) and DeFi tokens faced significant setbacks. This surge in Bitcoin’s dominance marks a pivotal moment, reminiscent of the market dynamics observed in April 2021.
BTC, the flagship digital asset, experienced a momentary dip to $28,100 before rebounding to nearly $28,500, indicating a slight uptick over the past 24 hours. Meanwhile, ETH faced a notable downturn, slipping 1.8% to approximately $1,560 within the same timeframe. This dip not only underscores Bitcoin’s strength but also establishes a fresh 15-month low for ETH relative to BTC.
The broader digital asset market, demonstrated a modest decline of 0.6%. Amongst various crypto sectors, the DeFi market index bore the brunt of the day’s volatility, experiencing a 3.7% drop. This decline was chiefly led by the native token of decentralized exchange powerhouse, UniSwap (UNI), which plummeted by nearly 7%. The drop came in the wake of Uniswap Labs’ announcement of a 0.15% fee imposition on select trades executed via its front end, effective immediately.
In a separate development, the native token of the Sui blockchain (SUI) witnessed a sharp decline of 7.6%. This drop followed reports of the director of the South Korean Financial Supervisory Service expressing concerns regarding potential supply manipulation of the token through staking mechanisms. The Sui Foundation swiftly responded, denouncing the report as “materially false.”
