Bitcoin (BTC) Dominance Drops as More BTC Hits Reserves
- 王林Original
- 2024-06-27 00:15:50979browse
,Recently, Bitcoin's [BTC]
Price has experienced AdownTurn, even there was an AttEmpt in the last track to Reduce The GA P.oBitcoin (BTC) price There has been a recent decline, although recent trading sessions have attempted to close the gap. Furthermore, BTC’s
market dominance
has also declined over the past few days as the price has declined. Interestingly, as prices fall,
has declined significantly recently as it has struggled to maintain its value. AMBCrypto’s
analysis shows that BTC dominance was over 54% at the end of the trading session on June 24. However, by the end of the next day, June 25, it had fallen to about 52.28%. Such a rapid drop within 24 hours shows that while Bitcoin is losing value, some altcoins are performing relatively well and gaining market share. As of this writing, BTC’s dominance has declined slightly but is still hovering around 53%. This dominance shows that Bitcoin still accounts for more than half of the entire cryptocurrency market capitalization. BTC Dominance vs. Other Assets As of press time, Bitcoin’s market cap is over
USD, while the total market cap of cryptocurrencies is around 2.27 USD. Ethereum [ETH] ranks second in market capitalization dominance, accounting for approximately 18% of the total market capitalization.
Analysis shows that changes in BTC price and performance can have a significant impact on the distribution of market cap among various cryptocurrencies. More BTC entering reservesCryptoQuant’s latest data shows that the amount of
Bitcoin held in reserves has significantly increased. Over the past six weeks, over 103,000 BTC worth over
60$ (at current prices) have been added to these reserves, highlighting the significant rise in OTC reserve balances. The continued increase in OTC reserves indicates a current lack of buyers, which may be attributed to the recent decline in Bitcoin prices. Falling prices could deter potential buyers, leading to accumulation of reserves. Read Bitcoin [BTC] Price Prediction 2024-25 The dynamic between falling prices and increasing OTC reserves highlights the
stance of larger market players during periods of price volatility. At the time of writing, Bitcoin is changing hands at approximately 61,680 USD on the daily time frame chart. It's trading with a
small decline of less than 1%.
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