Bitcoin Market Dominance Hits 9-Month High As Altcoins Turn Red
2023年3月19日 - 10:48PM
NEWSBTC
Bitcoin market dominance has hit a 9-month high as the leading coin
continues to make positive gains in the financial markets.
According to data from CoinMarketCap, Bitcoin currently holds 45%
of the total trading volumes in the crypto market. Factors
Affecting Bitcoin Market Dominance Bitcoin market dominance’s
rise is largely attributed to the recent market recovery. At the
start of the year, BTC held 41% of the total market cap, which has
steadily increased in the first three months. Looking at the
chart above, BTC dominance rose to 44% on January 28th before
dipping following the major price correction in February. Since the
beginning of March, BTC has made big progress, with the token
hitting the $27k mark earlier in the week. This bullish trend has
also been reflected in the market dominance, which is now around
46% at the time of writing. Another contributing factor is the
recent banking crisis that has engulfed the financial industry, in
which three banks were closed within days. This resulted in
measures from the US Federal Reserve towards a bailout for the
defunct banks. So far, the Fed has injected more than $300 billion
into the financial system. Related Reading: Bitcoin Bullish
Signal: NUPL Is Forming A Golden Cross The last time the
institution made a similar move was in 2008, during the mortgage
crisis when it injected $111 billion to save the banks. In
addition, the Fed has also increased interest rates by 0.50%, which
has caused concern in the financial sector. It is common for
investors to place their funds in alternative financial instruments
in times of crisis, and Bitcoin is a major beneficiary. Investors
have turned their assets into BTC, and several troubled altcoins
like USDC have seen their volumes converted to BTC. Altcoin
In Red In The Past 24 Hours The crypto market has experienced a
slight price correction in the past 24 hours, with several altcoins
in red. The global market cap has decreased by 1.31% during this
period to $1.16 trillion amid concerns that we could be in for a
slight dip. Related Reading: Conflux (CFX) Token Tallies 167%
Increase In Past Week – Here’s Why Leading altcoin Ethereum is
currently down by 1.71% from its monthly high of $1,800 and trading
at $1,788. Binance Coin, Solana, Tron, Polkadot, and Dogecoin have
declined by similar percentages during this period.
Nevertheless, the most significant losses come from SingularityNet,
The Graph, and Stacks, down around 8% in the past 24 hours. Some
analysts believe that the slight correction is normal during a
bullish run, and the coming week could be crucial for the crypto
market. Bitcoin’s positive move has excited key stakeholders, with
former Coinbase CTO Balaji Srinivasan proposing that the leading
coin will hit the $1 million mark in 90 days. Former Bitmex chief
Arthur Hayes corroborates his views with a similar notion.
Featured Image from Unsplash, charts from Tadingview.com
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 5 2023 まで 6 2023
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 6 2022 まで 6 2023