Bitcoin's dominance still strongest in crypto market despite slumping below $29k
Premium- Bitcoin's dominance is the highest in the eight months. As per coingecko data, Bitcoin's market cap dominance is a little over 44% which is the highest since October last year.
Bitcoin is glorified crypto in the blockchain market. Despite its mysterious bubble-like nature, Bitcoin has paved the way for many more unique cryptos and platforms in the blockchain industry over the past few years. However, with market sentiments highly risky, Bitcoin as well faced heats of bears and it has its moments. On Friday, Bitcoin is trading below the $29,000-mark. But that has not stopped Bitcoin's dominance from shining in the market.
Bitcoin's dominance is the highest in the eight months. As per coingecko data, Bitcoin's market cap dominance is a little over 44% which is the highest since October last year.
At present, Bitcoin is struggling below $29,100. A few minutes ago, below the $29,000-mark and has even touched an intraday low of 28,412.11. Bitcoin is trading marginally lower compared to the previous day. Its market cap was over $554 billion.
However, on CoinMarketCap, Bitcoin's overall dominance stood at 46.04% higher by 0.62% over the day.
The downside in Bitcoin is at a slower pace compared to investors' heavy selloffs in counterparts Ethereum which dived over 4% and was breathing around $1,770. Ether's market cap dominance is around 17.09%.
Bitcoin still outperformed other cryptos like BNB which is down by 4.2% today, Cardano slipping 6.7%, Solana shedding 7.8%, Polkadot diving 3.2%, and Avalanche nosediving nearly 10% among others.
Overall, the global crypto market cap is currently around $1.20 trillion with a decrease of 1.56% over the last day. On the other hand, the market volume jumped by 34.5% to $105.98 billion over the last 24 hours. Further, at present, the total volume in DeFi is at $7.77 billion, 7.33% of the total crypto market, while the volume of all stable coins is now $92.10 billion, which is 86.90% of the total crypto market 24-hour volume.
Also, Bitcoin has emerged as the most expensive since October relative to Ether which is the second-largest cryptocurrency.
As per a Bloomberg report, some market-watchers have pointed to a glitch in the process of making the Ethereum network less energy-intensive as fueling worries in the space in recent days.
The Crypto market has been vulnerable due to the global macro backdrop with uncertainties in the Russia-Ukraine conflict, supply chain constraints, soaring prices in significant commodities, intense inflationary pressure, and monetary policy tightening as major central banks begin a rate-hike cycle.
The Crypto market is in a phase and right now is tracking the global sentiments.
However, experts are optimistic about Bitcoin going forward.
Binance founder Changpeng Zha tweeted saying, "No one controls the bitcoin network."
A crypto enthusiast Crypto Rover said, "Bitcoin start of bull market 2022 signal flashing."
Today, the enthusiast said, "Bitcoin accumulation is skyrocketing. Price will follow soon."
Earlier this week, JP Morgan highlighted that Bitcoin is massively undervalued.
While maintaining its estimate of bitcoin's fair value at $38,000, JP Morgan reiterated the assessment it gave the asset in February when the cryptocurrency was trading at around $43,400, as reported by Forbes.
The American investment banker showed confidence in Bitcoin as it announced to replace real estate with digital, or crypto assets as its preferred alternative asset class along with hedge funds.
Compared to around $29,000 levels with JP Morgan's target price, then Bitcoin has a potential to rise by more than 31% going forward.
According to JP Morgan, the past month’s crypto market correction looks more like capitulation relative to last January/February, and going forward they see upside for bitcoin and crypto markets more generally.
Due to the bloody crash in the first two weeks of May due to the collapse of Terra coins UST and Luna, Bitcoin corrected steeply as well. In the last seven days, Bitcoin's downside is around 4.5%, and in a month the coin has plunged nearly 24%. Its yearly drop is more than 26%.
Bitcoin had hit an all-time high of $69,044.77 on November 10, 2022. From the record highs, Bitcoin has dived by nearly 58% currently.
