Bitcoin And Ether Show Lack Of Momentum As Crypto Market Drops

Bitcoin And Ether Show Lack Of Momentum As Crypto Market Drops

Bitcoin And Ether Show Lack Of Momentum As Crypto Market Drops

Bitcoin is not alone in the sinking ship, however, as the broader market continues to suffer. A 50% Bitcoin dominance means that out of all the investments made across the cryptocurrency markets, 50% of the money has flown into Bitcoin investments.

While there was no major weekend rally to speak of, the gains over the weekend cut the deficit for the week and of greater significance was the clear level of support at sub-$6,300 levels, any pullbacks to $6,100 levels being short lived, leading to recoveries to $6,300 levels on each occasion.

At the time of publishing Bitcoin's market share is above 49%, the highest it has been this calendar year. Push for the $6,800 resistance level by getting on the bearish market's heels and once this is broken, the drivers sit will be back in the hands on the bullish market.

Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month's sell-off in cryptocurrencies showed few signs of letting up. The last time that Bitcoin was at such a dominating position in the markets was on the 19th of December, 2017.

The Bitcoin price (BTC/USD) has returned above the $6,400 mark after seeing a sharp increase in the early hours of today's session.

This suggests that investors are running away from altcoins and getting behind the mother of all cryptocurrencies.

There have been no specific fundamentals associated with the fall in the crypto market and in fact, more and more people are talking about the market maturing in due course of time and they are also looking forward to the opportunities that such a maturing market is going to provide to the technologists and the traders as well. This is a pattern which has been seen multiple times in the past.

Bitcoins dominance comes as no surprise as it remains the most notable cryptocurrency in the world, even the person with the faintest idea of cryptos recognizes that bitcoin is the mother of them all.

Lee and Novogratz believe that the dominance will continue to rise as the market reacts to the recent good news.

And bitcoin is still performing better than other popular cryptocurrencies.

This led to Bitcoin dominance falling. This might be a sign that the market is still quite not mature enough.

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