Bitcoin’s dominance in the market rises despite the price drop below the $20,000 level
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Answer Bitcoin’s dominance in the market rises despite the price drop below the $20,000 level
Last week saw the total cryptocurrency market lose about $30 billion in the past seven days, with almost all of the events taking place between Thursday and Friday.
It was somewhat to be expected, given that the US Bureau of Labor Statistics had released CPI figures at the time.
Bitcoin spent the majority of the week bleeding slowly.
The cryptocurrency has not shown any signs of strength at all, which has led to a painful decline and the price of Bitcoin dropping below $19,000 on several occasions.
That all changed on Thursday.
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The US Bureau of Labor Statistics released the figures for the Consumer Price Index for September.
This indicator is the most commonly used by investors to measure inflation, with a rate of 8.2%.
This sent the market into a state of massive volatility.
In the seconds after the numbers were released, the price of Bitcoin fell to $ 18,000, after which it recovered and returned to the levels of $19,000.
In the past hours, the cryptocurrency has been testing the $20,000 level, leaving tens of millions of deals liquidated.
At the time of writing, Bitcoin is trading at $19,100, with losses of 3% in the past 24 hours and just under 2% over the course of the week.
At the current level, Bitcoin has moved away from the desired level set at $20 thousand.
Despite the decline in the price of Bitcoin, its dominance in the crypto market has increased by 40%, after the price of Ethereum also fell from the level of $1300, and with it most of the alternative digital currencies declined.
The overall market capitalization of the cryptocurrency market has declined to level $920 billion, which means a decrease of 2.25%.
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