Bitcoin (BTC) market dominance has slightly decreased in the last 24 hours. BTC has a market dominance of 39.01%, a decrease of 0.05% since yesterday.
BTC’s dominance has eased slightly after a mini altcoin rally early in the new year as some liquidity has returned to the market. The vast majority of this liquidity went into smaller-cap altcoins. Since Ethereum (ETH) is the largest altcoin by market capitalization, traders and investors can look to it for any indication of what the future holds for altcoins. ETH is currently up 1.34% in the last 24 hours. As a result, the ETH price at press time is $1,325.70.
ETH Post Could Drop in Next 24 Hours as Altcoin Prices Rise appeared first on Coin Edition. Bitcoin is stable as of 2023. But it’s only been a week since then.
Crypto crept into the new year while still licking the wounds of the destruction of 2022. Though up 5% since January 1 to $871 billion, the global cryptocurrency market capitalization is still down more than 57 % compared to the previous year.
Since the beginning of 2023, Bitcoin has risen 4.3%, but has remained in a limited range between $16,500 and $17,300. The world’s most popular cryptocurrency is now less volatile than it was in October 2018.
Like other months, December saw a 48% decline in cryptocurrency spot trading volumes to $544 billion, the lowest level since December 2019.
The market is falling fast
Although lower trading volumes are normal for this time of year, a general exodus of active retail investors has contributed to crypto market apathy. Meanwhile, cryptocurrency firms are dealing with the effects of the Sam Bankman-FTX Fried exchange.
To cut costs, some large corporations have started laying off workers. Simultaneously, Silvergate Bank (SI.N) reported an $8 billion decline in crypto-related deposits, triggering a 43% decline in its share price.
