Cryptocurrency Market Drops $40 Billion and Bitcoin Drops Below $29,000
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Answer Cryptocurrency Market Drops $40 Billion and Bitcoin Drops Below $29,000
Another day to join the turbulent days of the cryptocurrency market in general.
The total market capitalization is down by about $40 billion, and currently (and publishing) most altcoins are bleeding and colored red.
Bitcoin dominance continues.
Every now and then, especially in bear markets, bitcoin tends to outperform altcoins.
The main reason for this is that it is a leading currency in the market, which has more investor confidence in it than the volatile and unstable altcoins.
Bitcoin dominance (Bitcoin dominance measured by a metric that measures its share relative to the entire cryptocurrency market) is up 1% in the past 24 hours alone, building on another rally not seen since October last year.
Read:When will the 19th Binance BNB coin be burned?
Meanwhile, the bitcoin price has fallen by just under 1% in the past day, currently trading below $29,000 and looking unable to recover from the recent recession.
As seen in the chart above, bitcoin price is trapped below the 200-day exponential moving average, which is currently acting as a strong resistance.
Altcoins are bleeding:
The altcoin market is looking particularly volatile, and Bitcoin’s growing dominance is a clear sign of that.
The Ethereum curve also looks particularly bleak as the cryptocurrency has lost about 5% in the past 24 hours alone.
Yesterday, Ethereum was trading at its lowest point against Bitcoin since last October.
At the time of writing this article, the market has recovered some losses, although most cryptocurrencies are still in the red.
On the other hand, the GMT digital currency, which performed perfectly two weeks ago and is now down 20% on the day and about 40% during the week, is suffering.
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