BTC Dominance Drops To 38% as Price Makes Over $1k Decline In The Past 24 Hours

Per CoinMarketCap, BTC’s market dominance now stands at 38.2%, and ETH’s at 19.7%. BTC dropped from 39.14% to 38.2% in just 7 days. The largest cryptocurrency also recorded over a $1k decline in price in just two days, falling from the $20,000 range to less than $19,000.

As of 2017, Bitcoin dominated the markets with over 95 percent, five years down and the cryptocurrency is struggling to hold 40 percent. More recent data shows BTC dominated the markets by more than 50 percent just a few months back. The coin’s underperformance is striking.

Usually, Bitcoin’s dominance rises in bear markets and falls in bull markets, but this doesn’t play out all the time, as we are seeing now. Fear of the price plunging even lower has spread across the market, and most traders have simply refused to stack up on Bitcoin.

Experts fear that the current $18k support level is not certain and that Bitcoin might see a new 2022 low. It has once again traded around $17,600, its 2022 all-time low, and there is no indication of the price booming anytime soon with its current performance.

According to a recent research report by investment firm Bernstein, Bitcoin (BTC) is doing lower numbers than its rivals even in the tough macroeconomic and political environment, which Bitcoin is said to be a hedge against.

Another research conducted shows Bitcoin futures trading volume for August stood at $941.5 billion across all exchanges which makes it the first month it was under $1 trillion since December 2020 — when volumes were $970.1 billion — an 11-month low.

Other markets are not looking too good as well. Altcoins continue to suffer price drops, although Bitcoin’s is more severe. The past few weeks have seen major markets hit by significant collapses.

At the time of publication, Bitcoin is trading at $18,865.65 on CoinMarketCap, down about 4.50% over the past 24 hours.

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