The dominance of the Bitcoin market has soared to around 60.05%, hitting a new high in a month.

The latest rise in Bitcoin's dominance could bring more trouble to other cryptocurrencies.

In the past month, the dominance rate of Bitcoin ( BTC.D ) has fluctuated sharply. Earlier on, during the time period shown in the chart, Bitcoin's dominance rate once exceeded 60%. However, it recently fell back to around 59% and briefly dropped below this level.

But subsequently, Bitcoin began to outperform the entire cryptocurrency market. The dominance index of Bitcoin has risen by more than 1% from its recent low point.

Fake coins experience a significant decline

The latest surge in Bitcoin's dominance occurred on Thursday, October 8th, during a brutal crash in the cryptocurrency market. This round of selling has dealt a severe blow to major altcoins.

The latest market data shows that Bitcoin has fallen by about 3.3% in the past 24 hours, and its current trading price is slightly below $80,580.

Ethereum, the second-largest cryptocurrency by market value ( ETH ), fell by 6% to around $2,413. Meanwhile, XRP tumbled by 7.4% to $1.33.

Another asset that saw a significant decline is Solana ( SOL ), which fell by 9.2% to $106.21. Meanwhile, Dogecoin ( DOGE ) declined by 8.3%. In addition, the privacy-focused cryptocurrency Zcash ( ZEC ) fell by about 14%.

In the past 24 hours, the total settlement amount across the market approached 900 million US dollars, affecting over 150,000 traders.

The latest slump in the crypto market seems to be the result of a combination of macroeconomic factors, diminished interest from institutions, and a chain of liquidations, rather than being caused by a single reason.

One of the key factors contributing to the weakening of the crypto market is the recent significant rise in oil prices following the escalation of geopolitical tensions in the Middle East.

Driven by rising concerns in the market about a possible military strike by the United States against Iran and further disruptions to oil supply, the price of Brent crude oil soared above $105 per barrel on Thursday.

Rising oil prices have once again sparked concerns about ……