Bitcoin (BTC) dominance of the cryptocurrency market drops to 42%
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Answer Bitcoin (BTC) dominance of the cryptocurrency market drops to 42%
Bitcoin has now lost more than 15% of its value from its recent high of $68,700 on November 10.
In addition to its drop in price, Bitcoin’s dominance in the cryptocurrency market has also fallen sharply over the past week.
With a market capitalization of $1.07 trillion, Bitcoin is the most popular cryptocurrency in the world and accounts for 42% of the total cryptocurrency market.
Where this percentage decreased after it was estimated at 48% on October 20, 2021.
The volatile nature of altcoins is one of the main drivers behind the recent decline in the dominance of bitcoin.
Surprisingly, some of the notable altcoins, including Binance, Ripple and Solana, fell below Bitcoin during the recent crypto market correction.Read:Investor loses his bitcoin after 7 years of storage due to a simple mistake
While the cryptocurrency (AVAX) is up nearly 40% in the past seven days.
Given the strong performance of altcoins, Bitcoin is struggling to maintain its current levels of market dominance.
Ethereum’s market dominance has remained stable even during the market’s decline last week.
Bitcoin continued to retreat from its all-time high last week, trading as low as $55,911 on Friday morning after four days of a fairly steady decline from its weekly high of $65,988 last Monday. .
Bitcoin stabilized somewhat over the weekend, ending Sunday at $58,685 before dropping back towards the $57,000 level early this morning.
Similarly, Ethereum opened last week just below $4,630 before declining further in the following days.
Ethereum reached its lowest level to recover and rise above the $4100 level
Several analysts have described the latest moves in the bitcoin and cryptocurrency market as steps to take profits from major investors.
Earlier this month, Bitcoin and Ethereum touched all-time highs of $68,700 and $4,850, respectively.
With bitcoin and other cryptocurrencies hitting all-time highs, there has always been a possibility that there will be a measure of profit taking from investors which then translates into weaker prices.Read:The FBI warns of four fraudulent crypto methods in the time of Corona … Get to know them
Bitcoin and Ethereum are both going from strength to strength, and market volatility is part of this story and journey.
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