Practically all major cryptocurrencies are in the red today following a sudden market sell-off last night.
The total market capitalization of all cryptocurrencies fell from $346 billion down to $339 billion overnight, representing an average loss of 2.1% per cryptocurrency.
Though most cryptocurrencies are in a loss today, Bitcoin (BTC) has fared better than most, having lost just 1% in the last 24 hours to fall back to $10,610. As a result of its relative stability in a declining crypto market, Bitcoin has seen its market dominance improve somewhat in recent weeks, improving from 57.8% to 58.7% in the last month.
Bitcoin Cash (BCH) and Bitcoin SV (BSV) have also outperformed the market, having lost just 0.6% and 2% respectively in the last day. Polkadot (DOT) and Chainlink (LINK) are today's worst performers among the top ten cryptocurrencies, having lost 6.4% apiece since yesterday. DOT is now trading at $3.81, its lowest value since late August, and has been on a downtrend since September 1—losing 43.9% since then.
Following this recent price action, 9 out of the top 10 cryptocurrencies by market capitalization are in a loss against BTC, with Polkadot down the most in the last week, while Chainlink is down the most in the last month.
This recent bearish price action came just minutes after US President Donald Trump dashed hopes of another market bailout—rejecting Congresswoman Nancy Pelosi's request for a $2.4 trillion stimulus bill aimed at injecting liquidity back into the struggling US economy. This also appears to have sparked a panic stock market sell-off, with most major US stock indices dumping shortly after the tweet.