Crypto News Today: Bitcoin's Market Dominance Hits 60% as Altcoins Experience Steep Declines

Bitcoin has demonstrated resilience amid widespread sell-offs, reclaiming a dominance level of over 60% of the total cryptocurrency market cap. This shift occurs as altcoins face severe losses, with significant drops recorded across the board.Comparative Performance of Bitcoin and AltcoinsWhile Bitcoin's price saw a decrease of 7.3% over the past week, it has fared relatively better compared to its counterparts. Altcoins have not been as fortunate, with Ether falling by 9.3%, XRP dropping 13.8%, and Solana plummeting by 19.3%, according to data from CoinMarketCap. This disparity in performance highlights Bitcoin's perceived stability compared to other cryptocurrencies during market turmoil.Impact of US Trade Tariffs on Crypto MarketsThe downturn in the crypto market has been largely attributed to the newly imposed trade tariffs by US President Donald Trump, which include a 25% tax on imports from Canada and Mexico and a 10% tax on goods from China. These measures have prompted retaliatory tariffs from these nations and have stoked fears of a prolonged trade war, impacting investor sentiment and driving a shift towards safer assets like US government securities.Analysts Predict Further VolatilityTraders and analysts anticipate additional market volatility. Van Nuener, a well-known trader, suggested that the opening of US futures markets might lead to further declines in cryptocurrency prices. Meanwhile, BitMEX co-founder Arthur Hayes and Bitget Research's chief analyst Ryan Lee have both forecasted potential corrections for Bitcoin, pointing to macroeconomic factors such as labor statistics and Federal Reserve policies as key influencers in the near term.Broader Market Reactions and Future OutlookThe crypto market's response to geopolitical and economic developments continues to be closely monitored. The launch of DeepSeek R1, a new AI model from China, has added to the uncertainties, with its implications on US tech stocks and the broader financial markets being particularly noteworthy. The Trump administration's consideration of tighter export restrictions on Nvidia sales to China further complicates the landscape, suggesting that the crypto market may remain volatile in the coming weeks, according to Cointelegraph.