Despite a massive sell-off across the altcoin market, Bitcoin (BTC) is now up a little over 1% on the week. The price is a far cry from bitcoin's all-time high of nearly $20,000 back in December 2017.
The market is certainly in an interesting position right now, as many altcoins are trading in sustained downtrends while Bitcoin has been relatively flat. The market valuation dropped from $218 billion to $193 billion (USD) in the hours to Tuesday, according to CoinMarketCap. Back then, Bitcoin covered a 50% market share of the cryptocurrency markets, where the total crypto market cap stood at $598 Billion.
Besides, the decline in the price of Bitcoin has always been determined precisely following a significant occurrence of an event or news, such as the disapproval of the Winklevoss Bitcoin ETF or the VanEck ETF, which individually are not enough to influence the cryptocurrency market in any significant way.
At the time of writing, Bitcoin was up 0.59% to $6,351, some early support seeing Bitcoin recover from a start of a day $6,306.8 low to an early morning $6,380 high, before easing back, the early moves leaving the major support and resistance levels untested.
In this year, high Bitcoin dominance was experienced in April, when it reached 45.5%.
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For those who may not be aware, Bitcoin Dominance is basically the measure of the money that flows into Bitcoins as opposed to the money that flows into the rest of the cryptocurrency markets.
Meanwhile, global markets are believed to have played a role in the sudden, sharp drop of the cryptocurrency market.
"What began earlier this week as a rout in the Turkish lira has quickly spread throughout all markets and now it seems to be affecting the cryptos as well", said a senior market analyst at eToro. Over the last 60 days or so, Bitcoin has really been the leader - a lot of that had to do with the speculation about an ETF. However, with the Bitcoin dominance now on the rise, it means that funds are flowing out of altcoins into Bitcoin as investors trust the leading cryptocurrency in this time of uncertainties.
Given the unpredictable movement of Bitcoin prices over the last several months, it is hard to ignore the chances of price manipulation.