For the broader market, it was a particularly tough week, Bitcoin's dominance rising from a start of a week 47.3% through to 51% at the time of writing, with the cryptomarket total market cap sliding from $259.99bn to a low of $206.97bn before recovering to $214bn levels. The Bitcoin returned in the area of its lows where it received support in February, March-April and June. However, it remains a trigger away from taking an upward momentum or a further slide below, especially given bitcoin has finally captured over 50% dominance of the market.
However, while Bitcoin's market dominance has risen, the market scenarios then and now are quite different.
As bitcoin continues to struggle to break away from the $6,500 resistance level, experts continue to say the real test is at $6,800. 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. First, it seems as though investors are more quick to pull out of other cryptocurrencies as compared to Bitcoin, possibly seeing the market leader as the most stable project in the industry. The price is a far cry from bitcoin's all-time high of nearly $20,000 back in 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.
As seen from the 3 months graph of the cryptocurrency dominance, it is clearly seen that Bitcoin's dominance has been increasing steadily and continuously. That said, the rally correlated with the issuance of $120 million worth of new tether tokens (USDT) between Tuesday and Wednesday, suggesting that new capital is entering the market.
Historically, when bitcoin prices are triggered, bad or good, other altcoins tend to follow.
The sell-off in the Bitcoin has been attributed to the delays in the decisions made by the SEC for the approval of the Bitcoin ETF products. This has always been the case and the success or failure of bitcoin has always dictated the position of all other cryptos.
The world's largest cryptocurrency, Bitcoin, followed the downward trend to fall below $6000 early in the session.
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