Tuesday, November 30, 2021

Bitcoin’s market cap dominance dips as its price struggles to surpass $60k.

The Takeaway:

Bitcoin's market capitalization has dropped by more than $150 billion in the last seven days as its price continues to struggle to jump above the $60,000 resistance mark.

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The world’s leading cryptocurrency, Bitcoin, has lost more than 15% of its value from the recent high of $68,700 on 10 November. In addition to its price, BTC’s crypto market dominance has also decreased sharply during the last week. With a market cap of $1.08 trillion, Bitcoin is the world’s most dominant cryptocurrency and accounts for 41.9% of the overall cryptocurrency market. However, the number is down from 48% on 20 October 2021.

 

Bitcoin continued to retreat from its all-time high last week.

The leading cryptocurrency bitcoin continued to retreat from its all-time high last week, trading as low as $55,911 on Friday morning after four days of fairly consistent decline from its weekly high of $65,988 on Monday. Many analysts termed the latest Bitcoin and crypto market movements as profit-taking steps from large investors. Earlier this month, Bitcoin and Ethereum touched all-time highs of $68,700 and $4,850, respectively. On the other hand, Cryptocurrency Avalanche (AVAX) is actually up by nearly 40% in the last seven days.

 

Bitcoin struggles to maintain its current market dominance levels.

Due to the strong performance of altcoins in the recent week, Bitcoin is struggling to maintain its current market dominance levels. Ethereum’s market dominance remained stable even during the market dip of last week. Simon Peters, Market Analyst at eToro, noted, “With bitcoin and other crypto-assets having reached fresh all-time highs, there was always likely to be a measure of profit-taking from investors which then translates into price weakness. Both BTC and ETH go from strength to strength, and the ups and downs of the market are a part of this story.”

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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