- BTC remained the most dominant asset despite recent declines.
BTC rose above the $61,000 price range.
As a researcher with extensive experience in the cryptocurrency market, I have closely monitored Bitcoin’s [BTC] price movements and dominance over the past few months. Despite the recent declines, BTC has managed to maintain its position as the most dominant asset in the crypto market, with a dominance of over 53% as per the latest data from CoinMarketCap.
As an analyst, I’ve noticed that Bitcoin‘s [BTC] prices have displayed erratic behavior lately, frequently shifting between positive and negative territory. This inconsistency underscores the weak trend Bitcoin has been following recently.
In spite of the ups and downs, Bitcoin’s control over the cryptocurrency market has remained above the 50% mark, although with minor shifts.
The prolonged supremacy of the cryptocurrency market staying above the 50% threshold has significantly shaped the general trajectory of the crypto market’s capitalization.
Bitcoin dominance remains at over 50%
Based on the analysis conducted by AMBCrypto using data from CoinMarketCap, it was observed at the close of last year that Bitcoin’s dominance fell under the 50% mark. This decline suggests a reduction in Bitcoin’s market capitalization.
At the beginning of 2024, the market capitalization surpassed the $500 billion mark once more and kept climbing up. By the 11th of May, Bitcoin’s dominance had reached more than 53% in the cryptocurrency market.
Important to mention, CoinMarketCap computes statistics on a weekly basis. Regarding the 24-hour figures displayed by Crypto Rank on May 12th, Bitcoin’s dominance dropped approximately to 50%.
In the past day, Bitcoin’s dominance has risen around 0.4 percentage points, pushing it above 51% once more.
This translates to around 51% of the total crypto market capitalization.
Bitcoin market cap maintains a $1 trillion threshold
As a researcher studying the crypto market, I discovered that the total market capitalization, according to CoinMarketCap, was approximately $2.3 trillion at the current moment.
The latest figures show a noticeable drop in market value during the previous weeks, amounting to over 2% just in the past day. This downturn can mainly be attributed to falling crypto asset prices.
In early 2022, the market capitalization dipped below the $2 trillion threshold. However, by around March, it regained this level and has stayed there ever since, experiencing some ups and downs along the way.
An in-depth analysis of the data reveals that Bitcoin makes up approximately 52% of the entire $2.3 trillion cryptocurrency market.
Also, despite market fluctuations, the price of Bitcoin has managed to hover around $60,000.
Maintaining a market value of over one trillion dollars for an prolonged timeframe kept Bitcoin’s market dominance above the 50% threshold.
BTC makes push above $62,000
According to AMBCrypto’s examination of Bitcoin’s daily price chart, the cryptocurrency had broken through the $62,000 threshold and was currently priced around $62,500. This represented a rise of more than 1% from its previous value.
This marked the first return to this price range in the last three days.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Should this momentum persist, BTC may test its short-term resistance level at around $64,000.
At the current moment, the RSI of the asset I’m analyzing indicates that it has been in a downtrend.
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2024-05-14 07:03