Bitcoin’s (BTC) market dominance has slipped slightly in the last 24 hours. BTC has a market dominance of 39.01%, a 0.05% decrease from yesterday.
BTC’s dominance has dipped slightly following a mini rally for altcoins at the start of the new year, as some liquidity has returned to the market. The vast majority of this liquidity went into smaller-cap altcoins. Given that Ethereum (ETH) is the largest altcoin by market cap, traders and investors may look to it for any indication of what the future holds for altcoins. ETH is currently up 1.34% in the last 24 hours. As a result, the price of ETH at press time is $1,325.70.
The post ETH Could Fall in the Next 24 Hours as Altcoin Prices Rise appeared first on Coin Edition. Bitcoin is stable as of 2023. But only a week has passed since then.
Cryptocurrencies snuck into the new year while still licking their wounds from the destruction of 2022. Although it has increased 5% since January 1 to $871B, the global market cap of cryptocurrencies is still down more than 57% from the previous year.
Since the start of 2023, Bitcoin has increased by 4.3%, but it has remained in a constrained range between $16,500 and $17,300. The most popular cryptocurrency in the world is now less volatile than it was in October 2018.
Like other months, December saw a 48% decline in cryptocurrency spot trading volumes to $544B, the lowest level since December 2019.
Although lower trading volumes are normal at this time of year, a general exodus of active retail investors has contributed to the crypto market’s apathy. In the meantime, cryptocurrency businesses are coping with the effects of Sam Bankman-FTX Fried’s exchange.
To reduce costs, some large corporations have started to lay off workers. Simultaneously, Silvergate Bank (SI.N) reported an $8B decline in crypto-related deposits, which caused a 43% decline in its stock price.
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