Bitcoin
Bitcoin (BTC) Reaches 50% Market Dominance
Bitcoin (BTC) Reaches 50% Market Dominance
The crypto market has been buzzing with excitement as Bitcoin (BTC) reached a new milestone by hitting a market dominance of 50%. This is the first time since December 2017 that Bitcoin has attained such a high market dominance in the crypto industry.
What is Market Dominance?
Market dominance is a term used to measure the percentage of a particular cryptocurrency’s market capitalization relative to the overall market capitalization of all cryptocurrencies put together. The higher a cryptocurrency’s market dominance, the more dominant it is in the crypto industry.
Why is This Significant?
Bitcoin’s market dominance going over the 50% mark is significant since it indicates that the digital currency’s hold on the market is now stronger than ever before. It’s an indication that Bitcoin is still the leading crypto in the market despite the presence of many other cryptocurrencies.
Market Impact of Bitcoin’s Market Dominance Increase
Bitcoin’s surge in market dominance has also had an impact on the prices of other cryptocurrencies. When Bitcoin’s market dominance is high, it tends to absorb the market share of other cryptocurrencies, causing their prices to drop. This was observed recently when many cryptocurrencies experienced a price drop as Bitcoin surged.
Future Market Predictions
The market dominance of Bitcoin is expected to keep rising, since the crypto is regarded as the most significant and well-established digital currency around. As such, the crypto market will continue revolving around Bitcoin.
However, this isn’t a guarantee that Bitcoin will remain the top crypto forever. Other cryptocurrencies such as Ethereum, Litecoin, and Ripple are quickly catching up and could make a significant impact on the market in the near future.
Final Thoughts
Bitcoin reclaiming its position as the leading crypto in the market is a significant milestone for the cryptocurrency. However, it is essential to note that the crypto market is highly unpredictable. While Bitcoin’s market dominance is at 50% now, it could drop below this mark in the future if other cryptocurrencies catch up. But, for now, the crypto industry is revolving around Bitcoin. Investors and traders in the market are keeping a close eye on the market to see how it progresses in the coming months.
Disclaimer: The information provided here does not constitute financial advice or investment advice from GlobalCoinReport. Do conduct your due diligence before investing in any financial instrument or trading cryptocurrencies.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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