Stock Groups

Bitcoin’s Dominance Jumps to Two-Month High As BTC Steadies the Ship Above $38,000 -Breaking

by Mike Robinson

[ad_1]

Bitcoin’s Dominance Jumps to Two-Month High As BTC Steadies the Ship Above $38,000

Since the crypto winter of 2018, closed January 2022 as its start to a worst year, with the world’s leading crypto recording a loss of 18%, falling to a six-month low in the process. The price drop saw Bitcoin’s dominance hit its lowest point since May 2018.

However, Bitcoin investors breathed a sigh relief in January’s final week. The cryptocurrency rose to $33.5k and climbed above $38k. In addition to its price recovery, Bitcoin’s dominance of the crypto market cap has only increased.

Highest Point in Bitcoin Predominance Since November

The dominance of Bitcoin reached 42.93% following the January rally, which was higher than the November levels. Bitcoin’s dominance now stands at 41.8% as of this writing.

As Bitcoin’s dominance recovers, there has been no indication of an Altcoin rally to challenge the world’s leading cryptocurrency, which now contributes $770 billion to the industry’s $1.77 trillion global market cap.

Market dominance by the total crypto market. Source: Tradingview

Leading Altcoins are currently on the defensive. While Bitcoin’s January losses totaled 18%, over the same period, , , and lost 47%, 34%, and 41%, respectively.

In addition to this, on-chain analytics firm Messari reports that the realized cap of Bitcoin has remained constant since BTC’s $69k all-time highs in November, currently sitting at $453 billion.

Bitcoin Steadys the Ship above $38K

Bitcoin rose to $39.1K after its January drought. This was the highest level since Jan 21st. Bitcoin’s 5% price increase in February has seen it trade at over $38k.

A seven day chart showing the price of Bitcoin (BTC). Source: Tradingview

Flipside

  • Despite Bitcoin’s recent price recovery, options traders have turned bearish and remain hesitant on betting on Bitcoin’s next movements.

What You Need to Care About

The tables appear to have turned in Bitcoin’s favor, which had seen predictions that it would lose more of its dominance to its biggest rival, Ethereum.

EMAIL NEWSLETTER

You can also join the crypto-verse

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
It takes just one click to unsubscribe.

Continue reading on DailyCoin

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information, including buy/sell signal data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]