Bitcoin dominance growing, crypto market on the verge of another collapse

The cryptocurrency market stays under pressure amid never-ending bearish sentiments. A recovery attempt registered on Tuesday proved to be short-lived and unconvincing. The total value of all digital assets in circulation decreased to $125B from $350B one year ago — inability to recover above the short-term resistance levels signals that the market may experience another wave of selling within the next sessions.

Bitcoin stays under $3,900 handle after a short-lived spike above $4,000 on Tuesday. The price of the largest digital coin has barely changed since this time on Tuesday and lost over 1% since the beginning of the day. Bitcoin dominance jumped to 54% as traders are selling altcoins and seek shelter in BTC.

Ethereum stays at $107.9, unchanged on a day-to-day basis and 2% lower since the beginning of Wednesday. The third largest coin with a market value of $11.2B sits under $110.00, dragged down by overall bearish sentiments and lack of positive momentum.

Ripple's XRP stays marginally below $0.3500 handle, unchanged in recent 24 hours. The coin dropped as low as $0.3428 during early Asian hours, moving within a short-term bearish trend. XRP needs to regain $0.3500 to mitigate immediate selling pressure; however, the longer-term trend will stay bearish as long as the price remains under $0.40.

What's going on in the crypto universe

Ethereum Classic project run out of money and lost the developers team
Dan Larimer from EOS launches another cryptocurrency project
Bobby Lee says he is not worried about Bitcoin price fluctuations because it is here to stay.