Bitcoin Dominance Drops To 42% As Price Declines Below $43,000
Bitcoin has continued its descent towards $40,000 proving that the reversal was only temporary. While there is not enough to rule out another recovery, the current trend does point to more downside before the digital asset can find its footing and recover above $44K. This hard-fought resistance point that the cryptocurrency had managed to beat is becoming more and more elusive. The decline is also apparent in the market dominance of the digital asset. Bitcoin which maintains a majority share of the crypto market continues to see fierce competition from other digital assets. As investors....
Related News
BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand. BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down. Related Reading | Ethereum Breaks 200,000....
The crypto economy has dropped significantly in value during the last few days tapping a low of $2.06 trillion on Monday. Additionally, the leading crypto asset bitcoin has seen its market dominance drop to 40% of the crypto economy’s overall valuation. Bitcoin’s dominance index hasn’t been this low since June 2018. Bitcoin Dominance Drops to the Lowest Point Since 2018 At the time of writing, the cryptocurrency economy is worth roughly $2.06 trillion, as far as the value of all 9,869 digital currencies in existence is concerned. Furthermore, bitcoin’s (BTC) market....
Bitcoin failed to hold $22,000 as declines in energy prices drove down U.S. CPI less than expected to 8.3% in August; all other sectors rose MoM.
Bitcoin dominance over the market has still not receded even as the price has fallen below $30,000. Just as BTC had taken a hit, so had the altcoins. This had given the pioneer cryptocurrency more leeway to eat back into the market dominance. Even though the market has been brutal to investors in the past week, it is starting to level out and as the end of the month draws closer, indicators are starting to point towards better forecasts. Bitcoin Still On The High Side With Bitcoin, there has never been a dispute regarding its dominance in the crypto space. However, this dominance has since....
During the last 35 days, ethereum has lost a significant amount of market dominance leading up to The Merge. On August 14, 2022, the second leading crypto asset by market capitalization, ethereum, had a market dominance of around 19.5% but three days after the transition to proof-of-stake (PoS), it’s down 13% lower to 16.8%.
In 35 Days, Ethereum’s Market Dominance Slides 13% Lower
Ethereum’s market valuation has dropped a great deal during the past month after reaching $1,996 per unit on August 14, 2022. At that time, ethereum’s market cap was $239.74....