Bitcoin dominance is at its highest in eight months. According to data from Coingecko, bitcoin’s market cap dominance is a little over 44% which is the highest since October last year.
in present, Bitcoin Struggling below $29,100. A few minutes ago, it broke below the $29,000 mark and even touched an intraday low of 28,412.11. Bitcoin is trading marginally lower than the previous day. Its market cap was over $554 billion.
However, on CoinMarketCap, the overall dominance of Bitcoin increased by 0.62% to 46.04% during the day.
The downside in bitcoin has been slower than the heavy selloff by investors in ethereum, which plunged more than 4% and rallied around $1,770. Ether has a market cap dominance of around 17.09%.
Bitcoin still outperformed other cryptos like BNB which is down 4.2% today, Cardano is down 6.7%, Solana is down 7.8%, Polkadot is down 3.2%, and Avalanche is down nearly 10%.
Overall, the global crypto market cap is currently around $1.20 trillion, down 1.56% from the previous day. On the other hand, market volume increased by 34.5% to $105.98 billion in the past 24 hours. Furthermore, currently, DeFi has a total volume of $7.77 billion, which is 7.33% of the total crypto market, while the volume of all stablecoins is now $92.10 billion, which is 86.90% of the total crypto market 24-hour volume.
Furthermore, bitcoin has emerged as the most expensive ether to be the second largest cryptocurrency since October.
According to a Bloomberg report, some market watchers have pointed to a glitch in the process of making the Ethereum network less energy-intensive in recent days as a fuel concern in the space.
The crypto market has remained weak due to a global macro backdrop with uncertainties in the Russia-Ukraine conflict, supply chain constraints, price increases in critical commodities, intense inflationary pressures, and monetary policy tightening as major central banks begin the rate-hike cycle. We do.
The crypto market is in phase one and is tracking global sentiments right now.
However, experts are optimistic about bitcoin going forward.
Binance founder Changpeng Zha tweeted, “No one controls the bitcoin network.”
“Bitcoin Begins Bull Market 2022 Signal Flashing,” said Crypto Rover, a crypto enthusiast.
Today, the enthusiast said, “Bitcoin accumulation is skyrocketing. The price will soon follow.”
Earlier this week, JP Morgan highlighted that bitcoin is largely undervalued.
While maintaining its estimate of the fair value of bitcoin at $38,000, JPMorgan reiterated the assessment it gave to the asset in February when the cryptocurrency was trading at around $43,400, reports Forbes.
The US investment banker showed confidence in bitcoin as he announced the replacement of real estate with digital, or crypto assets, with hedge funds as his preferred alternative asset class.
Bitcoin is likely to rise by over 31% compared to the level of around $29,000 with JP Morgan’s target price.
According to JP Morgan, the crypto market correction of the last month resembles the capitulation relative to the previous January/February, and going forward they see a general upward trend for the bitcoin and crypto markets.
Bitcoin also recovered sharply, following a bloody crash in the first two weeks of May due to the collapse of the Terra coins UST and Luna. Over the past seven days, bitcoin is down around 4.5% on the downside, and the coin is down about 24% in a month. Its annual decline is over 26%.
Bitcoin reached an all-time high of $69,044.77 on November 10, 2022. Bitcoin is currently down about 58% from all-time highs.